Company Registration No. 13035552 (England and Wales)
LATENIGHT (TRADING) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LATENIGHT (TRADING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LATENIGHT (TRADING) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,765
18,052
Current assets
Stocks
43,363
46,287
Debtors
5
78,301
55,380
Cash at bank and in hand
170,890
246,829
292,554
348,496
Creditors: amounts falling due within one year
6
(1,081,084)
(900,078)
Net current liabilities
(788,530)
(551,582)
Total assets less current liabilities
(736,765)
(533,530)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(736,766)
(533,531)
Total equity
(736,765)
(533,530)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
D J G Madden
Director
Company Registration No. 13035552
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Latenight (Trading) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Electric Brixton Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year ended 31 May 2024, the company was in a net current liability position of £788,530 (2023: 551,582) and the company made a loss of £203,235 (2023: £552,092). Post year end the company achieved a modest profit and is forecasting profits going forward. The entity has support from fellow group companies who have established venues in other areas of the country . Atruet the time of approving the financial statements, the director has a reasonable expectation that, along with support from group entities, the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover is derived from operating music venues arose wholly in the United Kingdom. Turnover is recognised when services have been rendered. The turnover is derived primarily from venue hire fees, ticket sales and beverage sales. Venue fees are recognised at the point when the event takes place at the venue.

 

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years straight line
Computers
3 years straight line
Operational equipment
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any key judgements or estimates to these financial statements.

3
Employees

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

2024
2023
Number
Number
Administrative staff
4
4
Venue staff
32
39
Total
36
43
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Operational equipment
Total
£
£
£
£
Cost
At 1 June 2023
15,000
-
0
3,109
18,109
Additions
7,899
1,046
31,893
40,838
At 31 May 2024
22,899
1,046
35,002
58,947
Depreciation
At 1 June 2023
-
0
-
0
57
57
Depreciation charged in the year
4,152
87
2,886
7,125
At 31 May 2024
4,152
87
2,943
7,182
Carrying amount
At 31 May 2024
18,747
959
32,059
51,765
At 31 May 2023
15,000
-
0
3,052
18,052
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,131
28,006
Other debtors
-
0
9,592
Prepayments and accrued income
57,170
17,782
78,301
55,380
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
76,502
123,451
Amounts owed to group undertakings
325,409
231,551
Taxation and social security
49,114
37,233
Other creditors
96,568
113,391
Accruals and deferred income
533,491
394,452
1,081,084
900,078
LATENIGHT (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Gary Miller.
The auditor was HW Fisher Audit.
8
Operating lease commitments
Lessee

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

2024
2023
£
£
7,485,519
7,838,576
9
Parent company

The company's immediate parent company is Electric Group Holdings Limited. These financial statements are consolidated in the financial statements of Electric Group Holdings Limited, which are available online from Companies House. The registered office of Electric Group Holdings Limited is Electric Brixton Town Hall Parade, Brixton Hill, London, United Kingdom, SW2 1RJ.

 

In the opinion of the Director, Jacob Lewis is the ultimate controlling party.

2024-05-312023-06-01falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityD J G Madden130355522023-06-012024-05-31130355522024-05-31130355522023-05-3113035552core:FurnitureFittings2024-05-3113035552core:ComputerEquipment2024-05-3113035552core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-05-3113035552core:FurnitureFittings2023-05-3113035552core:ComputerEquipment2023-05-3113035552core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-05-3113035552core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3113035552core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3113035552core:CurrentFinancialInstruments2024-05-3113035552core:CurrentFinancialInstruments2023-05-3113035552core:ShareCapital2024-05-3113035552core:ShareCapital2023-05-3113035552core:RetainedEarningsAccumulatedLosses2024-05-3113035552core:RetainedEarningsAccumulatedLosses2023-05-3113035552bus:Director12023-06-012024-05-3113035552core:FurnitureFittings2023-06-012024-05-3113035552core:ComputerEquipment2023-06-012024-05-3113035552core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-012024-05-31130355522022-06-012023-05-3113035552core:FurnitureFittings2023-05-3113035552core:ComputerEquipment2023-05-3113035552core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-05-31130355522023-05-3113035552bus:PrivateLimitedCompanyLtd2023-06-012024-05-3113035552bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3113035552bus:FRS1022023-06-012024-05-3113035552bus:Audited2023-06-012024-05-3113035552bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP