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Registered number: 03227470
LIVE NATION MERCHANDISE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LIVE NATION MERCHANDISE LIMITED
Company Information
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Chartered Accountants and Statutory Auditor
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LIVE NATION MERCHANDISE LIMITED
Contents
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Notes to the financial statements
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LIVE NATION MERCHANDISE LIMITED
Registered number: 03227470
Balance sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2025.
The notes on pages 2 to 7 form part of these financial statements.
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
Live Nation Merchandise Limited ("the Company") is a private company limited by share capital incorporated in England and Wales, registration number 03227470. The registered office is 30 St John Street, London, EC1M 4AY.
The Company's principal activity was that of tour and event merchandising.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
These financial statements have been prepared on a basis other than that of a going concern since it is the member's intention to voluntarily liquidate the Company within the next 12 months.
The following principal accounting policies have been applied:
Following the group restructuring with effect from 1 January 2022, the Company has significantly reduced its trading activities. The Company will be entering a business transfer agreement ('BTA') to transfer any remaining trade, assets and liabilities to Merch Traffic Limited, a group entity, but the BTA has yet to be finalised. Merch Traffic Limited has pledged financial support to the Company to ensure any liabilities are met as they fall due should the Company require support. The directors have also confirmed their overall intention is for the Company to enter liquidation once any remaining trade, assets and liabilities have been transferred. These financial statements have therefore been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or carrying value of the assets or liabilities, and no further liabilities need to be provided for as a result of the decision to cease trading.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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 balance sheet date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 16).
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Amounts owed by group undertakings
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Corporation tax recoverable
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts due to group undertakings
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Other taxation and social security
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Allotted, called up and fully paid
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10,001 (2023 - 10,001) Ordinary shares shares of £0.10 each
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LIVE NATION MERCHANDISE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Related party transactions
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The Company has taken advantage of the exemption provided under FRS 102 Section 33.1A of FRS 102 and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company.
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The Company's immediate parent undertaking is Live Nation Merchandise LLC, a Delaware limited liability corporation.
In the directors' opinion, the company's ultimate parent undertaking and controlling party is Live Nation Entertainment Inc. which is incorporated in the United utates of America. The registered office is 9348 Civic Center Drive, Beverly Hills, CA, 90210. This is the smallest and largest group of undertakings for which group accounts have been drawn up.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 of these financial statements, which explains that the Company has heavily reduced its trading activities with effect from 1 January 2022. Once the remaining trading activities have been transferred to a group company the directors will enter into a business agreement with the intention of transferring any remaining assets to that company. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter..
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The audit report was signed on 11 September 2025 by Hannah Clegg (Senior statutory auditor) (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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