The Sanctum London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03831880 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

The Sanctum London Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G S Molyneux

SECRETARY:

A Leyshon

REGISTERED OFFICE:

Bridle House

36 Bridle Lane

London

W1F 9BZ

REGISTERED NUMBER:

03831880 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

706,919

749,534

706,919

749,534

CURRENT ASSETS

Stocks

6

150,574

85,824

Debtors

7

2,897,579

1,396,963

Cash at bank and in hand

2,180

1,508

3,050,333

1,484,295

CREDITORS

Amounts falling due within one year

8

6,714,251

5,191,856

NET CURRENT LIABILITIES

(3,663,918

)

(3,707,561

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,956,999

)

(2,958,027

)

CREDITORS

Amounts falling due after more than one year

9

-

68,056

NET LIABILITIES

(2,956,999

)

(3,026,083

)

CAPITAL AND RESERVES

Called up share capital

1,250

1,250

Share premium

499,750

499,750

Retained earnings

(3,457,999

)

(3,527,083

)

SHAREHOLDERS' FUNDS

(2,956,999

)

(3,026,083

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 September 2019 and were signed by:

G S Molyneux - Director

1.	STATUTORY INFORMATION

The Sanctum London Limited 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods, services and hotel accommodation,

excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Patents and licences have been fully amortised evenly over their estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fine Art is carried at the revaluation model, it is carried at fair value at the date of valuation.

The Fine Art is not depreciated.

Depreciation on the other assets (which are carried at historic cost less depreciation) is

calculated to write of the cost of the asset over its estimated useful live as follows:

Short leasehold

Over the term of the lease - 25 years

Plant & machinery

10% per annum

Fixtures & fittings

10% per annum

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Hire purchase and leasing commitments

Leases are classified as finance leases when they transfer substantially all the risks and

rewards of ownerships of the leased assets to the company. Other leases that do not

transfer substantially all the risks and rewards of ownership of the leased assets to the

company are classified as operating leases.

The company has entered into some hire purchase agreements for certain assets that

include the option to purchase the items at the end of the lease term for a nominal amount,

which is expected to be much lower than their fair value at that date. The hire purchase

agreements have been classified as finance leases as it is reasonably certain that the option

will be exercised.

Rights to use assets and corresponding obligations to lessors under finance leases are

recognised in the statement of financial position as assets and liabilities at the lower of fair

value of the assets and the present balance of the minimum lease payments, determined at

the inception of the lease.

Lease payments are apportioned between finance charges and reduction of outstanding

lease liabilities using the effective interest method, so as to produce a constant rate of

interest on the remaining balance of the liabilities. Finance charges are recognised in profit

or loss. Assets held under finance leases are included in property, plant and equipment and

are depreciated and reviewed for impairment in the same way as assets owned outright.

Payments received under operating leases are recognised as income over lease term on a

straight-line basis.

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.

Going concern

The liabilities of the company exceed the assets by £2,956,999 (2017: £3,026,083). The

company depends on the continuing financial support of its parent, associated companies

and a director of the parent company who has confirmed their financial support of the

company and their ability to do so for the foreseeable. For this reason the financial

statements have been prepared on a gong concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

4,614

AMORTISATION

At 1 January 2018

and 31 December 2018

4,614

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2018

317,754

1,142,367

1,460,121

Additions

-

35,438

35,438

At 31 December 2018

317,754

1,177,805

1,495,559

DEPRECIATION

At 1 January 2018

95,843

614,744

710,587

Charge for year

12,710

65,343

78,053

At 31 December 2018

108,553

680,087

788,640

NET BOOK VALUE

At 31 December 2018

209,201

497,718

706,919

At 31 December 2017

221,911

527,623

749,534

Cost or valuation at 31 December 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

-

30,000

30,000

Cost

317,754

1,147,805

1,465,559

317,754

1,177,805

1,495,559

If the fine art work had not been revalued it would have been included at the following

historical cost:

31.12.18

31.12.17

£

£

Cost

65,000

65,000

The fine art work was valued on fair value basis on 14 November 2016 by Clare Auctions .

The fine artwork was not revalued at the year ending 31 December 2017 or at the 31

December 2018 as the directors did not consider the carrying value of the asset to differ

materially from its fair value at the reporting date.

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2018

and 31 December 2018

358,131

DEPRECIATION

At 1 January 2018

140,934

Charge for year

21,313

At 31 December 2018

162,247

NET BOOK VALUE

At 31 December 2018

195,884

At 31 December 2017

217,197

6.

STOCKS

31.12.18

31.12.17

£

£

Stocks

150,574

85,824

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

428,139

499,928

Amounts owed by group undertakings

1,489,356

259,727

Other debtors

980,084

637,308

2,897,579

1,396,963

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Finance leases

99,365

83,335

Trade creditors

2,578,372

1,919,799

Amounts owed to group undertakings

1,737,652

890,886

Taxation and social security

287,921

267,946

Other creditors

2,010,941

2,029,890

6,714,251

5,191,856

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Finance leases

-

68,056

10.	SECURED DEBTS

The following security is given by the company in respect of Sanctum On The Green Ltd:

Alfandari Private Equites Ltd £4,898 (2017: £30,324).

Date

Name

Amount

Description

06/10/2016

Alfandari Private Equities Limited

All monies due or to become due from the company.

Debenture - Given by The Sanctum London Ltd including fixed charge over present and future freehold and lease hold property. Fixed charge over, among other things, interest, future rights, licences, guarantees, rents, deposits, contracts, covenants relating to properties. All intellectual property. Full details given charge code 038318800003

15/09/2016

Alfandari Private Equities Limited

All monies due or to become due from the company.

Debenture - The Sanctum London Ltd including fixed charge over present and future freehold and lease hold property. Fixed charge over, among other things, interest, future rights, licences, guarantees, rents, deposits, contracts, covenants relating to properties. All intellectual property. Full details given charge code 038318800002

18/08/2011

Soho Estates Limited

All monies due or to become due from the company.

Fixed and floating charge over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery,

11.	RELATED PARTY DISCLOSURES

Concept Venues Ltd

The parent company.

The Sanctum London Ltd received funding of £1,160,581 from Concept Venues Ltd in the

year (2017: £661,414). At the balance sheet date The Sanctum London Ltd owes the

company £1,737,652 (2017: £842,071). The amount is classified as a current creditor and is

repayable on demand, no interest is charged.

Sanctum On The Green Ltd

A fellow subsidiary.

During the year the company received net funding from The Sanctum London Ltd of £66,929

(2017: £8,124). At the balance sheet date the company owes The Sanctum London Ltd

£376,956 (2017: £259,727). The amount is classified as a current debtor and is repayable

on demand, no interest is charged.

Geales Restaurant Ltd

A fellow subsidiary.

During the year the The Sanctum London Ltd received net funding from the company of

£3,606 (2017: £934,668). At the balance sheet date the company owes The Sanctum

London Ltd £1,112,400 (2017: £1,058,794). The amount is classified as a current debtor

and is repayable on demand, no interest is charged.

.

Joan Lawson

A close relation of M N J Fuller, a director

During the year The Sanctum London Limited repaid £NIL (2017: £11,302) of the loam from

Mrs Lawson. At the balance sheet date the company owes Mrs Lawson of £98,698 (2017:

£98,698). The amount is classified as a current creditor and is repayable on demand, no

interest is charged.

12.	ULTIMATE CONTROLLING PARTY

A J Taylor, M N J Fuller and R Smallwood, shareholders in the parent company Concept

Venues Ltd.