Company Registration No. 08502933 (England and Wales)
MUSIC VENUES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MUSIC VENUES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MUSIC VENUES LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,161,441
3,278,312
Current assets
Stocks
74,280
89,814
Debtors
5
256,666
225,015
Cash at bank and in hand
592,125
908,382
923,071
1,223,211
Creditors: amounts falling due within one year
6
(2,076,395)
(2,718,327)
Net current liabilities
(1,153,324)
(1,495,116)
Total assets less current liabilities
2,008,117
1,783,196
Provisions for liabilities
(441,727)
(441,727)
Net assets
1,566,390
1,341,469
Capital and reserves
Called up share capital
1
1
Share premium account
4,999
4,999
Profit and loss reserves
1,561,390
1,336,469
Total equity
1,566,390
1,341,469

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. 08502933
MUSIC VENUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Music Venues 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 £1,153,324 (2023: £1,495,116). However, the company made significant profit before tax in the year of £2,094,046 (2023: £4,768,689), which included amounts received from an insurance claim receipts of £1,223,006 (2023: £2,945,000) following a fire at one of the venues the entity operates from. The company has continued to be profitable post year end, and are forecasting further profits. true

 

At 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 derived from operating music venues and 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. Turnover is all rendered of goods and services.

 

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, net of depreciation and any impairment losses.

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

Leasehold improvements
Straight line over the period of the lease
Fixtures and fittings
5 years straight line
Computer equipment
3 years straight line
Plant and machinery
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.

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.

MUSIC VENUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price. The cost of stock includes the purchase of beverages,

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 and loans from fellow group companies 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
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.

 

MUSIC VENUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

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

1.12
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.

 

In the opinion of the directors, there are no judgements or key sources of estimation uncertainty that require disclosure in the 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
20
18
Venue staff
97
105
Total
117
123
MUSIC VENUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Operational equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
3,064,351
66,098
28,102
427,710
3,586,261
Additions
18,159
1,659
2,072
44,012
65,902
At 31 May 2024
3,082,510
67,757
30,174
471,722
3,652,163
Depreciation
At 1 June 2023
76,688
52,848
14,480
163,933
307,949
Depreciation charged in the year
98,287
4,055
6,700
73,731
182,773
At 31 May 2024
174,975
56,903
21,180
237,664
490,722
Carrying amount
At 31 May 2024
2,907,535
10,854
8,994
234,058
3,161,441
At 31 May 2023
2,987,663
13,250
13,622
263,777
3,278,312
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
109,155
137,806
Other debtors
36,753
26,247
Prepayments and accrued income
110,758
60,962
256,666
225,015
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
214,912
413,635
Amounts owed to group undertakings
774,824
958,215
Corporation tax
277,206
252,461
Other taxation and social security
299,101
351,252
Other creditors
355,220
335,095
Accruals and deferred income
155,132
407,669
2,076,395
2,718,327
MUSIC VENUES 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
£
£
77,260
87,608
9
Related party transactions
Transactions with related parties

During the prior year, the entity held an event for a related party of one of the shareholders. Total income received from the event was £nil (2023: 78,500). Amounts were paid to the related party for their services of £nil (2023: £23,313). As at 31 May 2024, amounts owed from the related party were £nil (2023: £nil).

 

At the year end, there were amounts payable to the director in respect of expenses claim of £353 (2023: £54,741).

 

At the year end, the company was owed £31,297 (2023: £21,297) from a director in respect of an interest bearing loan.

 

 

10
Controlling party

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.

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