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Registered number: 05614873
CONCERT LIVE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CONCERT LIVE LIMITED
REGISTERED NUMBER: 05614873
BALANCE SHEET
AS AT 31 MARCH 2020
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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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Creditors: amounts falling due after more than one year
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CONCERT LIVE LIMITED
REGISTERED NUMBER: 05614873
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 by:
The notes on pages 5 to 15 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
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At 1 April 2019 (as previously stated)
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At 1 April 2019 (as restated)
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Vesting charge on share options
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Consideration received in advance of shares issued
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Shares issued during the year
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The notes on pages 5 to 15 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
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At 1 April 2018 (as previously stated)
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At 1 April 2018 (as restated)
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Vesting charge on share options
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Shares issued during the year
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Consideration received in advance of shares issued
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Shares issued during the year
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The notes on pages 5 to 15 form part of these financial statements.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Concert Live Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Working Links, 308 Kingsland Road, London, United Kingdom, E8 4DB.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Owing to the COVID-19 pandemic, a majority of the company's clients were adversely affected by government-mandated closures of their venues, with a significant number remaining closed at the date of signing of the balance sheet.
As a result of investment secured at the end of the financial year, the company entered the period in a strong financial position, but nevertheless took immediate action to review its revenue forecasts for the financial year ahead, and to adjust its budget accordingly. The Directors continue to closely monitor and project the impact of the COVID-19 situation on the business.
The Directors have considered the company's ability to continue as a going concern and are satisfied that the business will be able to continue for at least the next 12 months and therefore the financial statements have been prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Revenue from apps used within arenas, stadia and festivals 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 from apps used within arenas, stadia and festivals 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:
Rendering of services
Revenue from apps used within arenas, stadia and festivals form a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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 only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefit and hence all expenditure on research shall be recognised as an expense when it is incurred.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Employee share ownership plan
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The cost of the Company's shares held by the ESOP is deducted from equity in the Company balance sheet under the heading Share options reserve. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the Company.
The cost of Company share granted to employees of a subsidiary company is added to the cost of Company's investment in the subsidiary company.
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The average monthly number of employees, including the directors, during the year was as follows:
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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At 1 April 2019 (as restated)
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At 1 April 2019 (as restated)
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Charge for the year on owned assets
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At 31 March 2019 (as restated)
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Investments in subsidiary companies
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Prepayments and accrued income
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The Company has access to an overdraft which is secured by a fixed and floating charge over the assets of the Company.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Accruals and deferred income
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Allotted, called up and fully paid
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138,459 (2019 - 107,000) A Ordinary shares of £0.001 each
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17,000 (2019 - 17,000) B Ordinary shares of £0.001 each
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3,725 (2019 - 3,200) C Ordinary shares of £0.010 each
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6,988 (2019 - 6,000) C2 Ordinary shares of £0.001 each
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83,114 (2019 - 83,000) Ordinary shares of £0.001 each
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72,046 (2019 - nil) Series A-2 shares of £0.001 each
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On 5 April 2019 the Company issued 6,828 A Ordinary £0.001 shares at a price of £41.00 per share for a total consideration of £279,948, giving rise to share premium of £279,941.
On 25 August 2019 the Company issued 114 Ordinary £0.001 shares at a price of £17.50 per share for a total consideration of £1,995, giving rise to share premium of £1,995.
On 4 September 2019 the Company issued 11,270 A Ordinary £0.001 shares at a price of £41.00 per share for a total consideration of £462,070, giving rise to share premium of £462,059.
On 17 October 2019 the Company issued 993 C2 Ordinary £0.001 shares at par value.
On 14 November 2019 the Company issued 11,039 A Ordinary £0.001 shares at a price of £41.00 per share and 120 C2 Ordinary shares at par value for a total consideration of £452,599, giving rise to share premium of £452,588.
On 24 December 2019 the Company issued 2,395 A Ordinary £0.001 shares at a price of £41.00 per share for a total consideration of £98,195, giving rise to share premium of £98,193.
On 21 March 2020 the Company issued 500 C Ordinary £0.010 shares at par value.
On 27 March 2020 the Company issued 72,046 Series A-2 £0.001 shares at a price of £56.88 per share for a total consideration of £4,097,976, giving rise to share premium of £4,097,904.
During the year the Company received £279,882 in respect of shares which were issued after the year-end. The total amount is included within Other reserves.
Ordinary shareholders have full voting and dividend rights. Holders of A, A-2, B, C and C2 shares have varying voting and dividend rights which are available on public record.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Share premium account
The share premium account represents the excess consideration received on the issue of share capital above the nominal value of the shares issued.
Share options reserve
The share options reserve represents the cumulative accrued vesting charges on EMI share options, less transfers to the profit and loss account on fully vested, lapsed or exercised options.
Other reserves
Other reserves represents considerations received in advance of shares being issued.
Profit and loss account
The profit and loss account represents cumulative profits and losses, less dividends paid and other adjustments.
The company operates an equity share based payment scheme for employees of the company in order to retain key staff. In September 2019, 8,415 share options with an exercise price of £17.50 were granted.
During the year to 31 March 2020 1,675 options vested, with the remaining share options vesting over the period to 2 September 2023.
The directors commissioned a professional valuation of shares in March 2020 and are satisfied that this remains a true and fair estimate as at the year-end.
Options are forfeited if the employee leaves the company before the options vest.
The company operates a share option scheme for employees of the subsidiary company in order to retain key staff.
In March 2020, 10,172 share options with an exercise price of £17.50 were granted. 6,672 options vested immediately, with the remaining options vesting over the period to 31 March 2022.
The directors commissioned a professional valuation of shares in March 2020 and are satisfied that this remains a true and fair estimate as at the year-end.
Options are forfeited if the employee leaves the company before the options vest.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,783 (2019 - £13,411). Contributions totaling £6,242 (2019 - £7,875) were payable to the fund at the balance sheet date and are included in creditors.
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CONCERT LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Related party transactions
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At the balance sheet date, the Company owed a director £134,256 (2019 - £nil). The balance is interest free and repayable on demand.
At the balance sheet date, the Company owed a director £30,508 (2019 (restated) - was owed £58,749). The balance is interest free and repayable on demand.
At the balance sheet date, the Company owed £14,400 (2019 - £nil) to a company under common directorship. The balance is interest free and repayable on demand.
At the balance sheet date, the Company owed £2,355 (2019 - £nil) to a company under common directorship. The balance is interest free and repayable on demand.
On 12 February 2020, an ex-Director transferred his 17,000 of Ordinary B shares to shareholders of the company at that time. One of these shareholders was a director of the company.
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During the year, the Directors reviewed and considered their accounting policies as well as reviewing prior year transactional data. The Directors determined expenditure incurred in the prior year had been categorised incorrectly.
The effect on the prior year figures has been to:
Decrease Turnover in 2019 by £568
Decrease Cost of Sales in 2019 by £18,166
Increase Administrative expenses in 2019 by £118,294
Decrease Fixed assets by £23,314
Increase Current assets by £114,271
Increase Current liabilities by £152,948
Decrease Non-current liabilities by £3,327
Increase Share premium by £131,828
Decrease Retained earnings by £190,492
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Post balance sheet events
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On 11 March 2020 the World Health Organisation declared COVID-19 was a global pandemic.
The directors have considered the company's ability to continue as a going concern and are satisfied that the business will be able to continue for at least the next 12 months and therefore the financial statements have been prepared on a going concern basis.
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