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Registered number: 12976435
CONDUIT CLUB LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 26 DECEMBER 2021
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CONDUIT CLUB LIMITED
REGISTERED NUMBER: 12976435
BALANCE SHEET
AS AT 26 DECEMBER 2021
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Debtors: amounts falling due after more than one year
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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 (liabilities)/assets
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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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CONDUIT CLUB LIMITED
REGISTERED NUMBER: 12976435
BALANCE SHEET (CONTINUED)
AS AT 26 DECEMBER 2021
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 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 27 July 2022.
The notes on pages 3 to 9 form part of these financial statements.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
The Conduit Club Limited is a private company, limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is 9 Bonhill Street, London, England, EC2A 4DJ.
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 Section 1A of 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:
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 value added tax and other sales taxes. Revenue is generated from membership fees, impact partnerships, food and beverage sales, and events / room hire. Membership and impact partnership revenue is recognised over the period it relates to. Food and beverage sales are recognised at the point of sale. Events / room hire revenue is recognised when the service is delivered.
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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.
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.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Long-term leasehold property
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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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
2.Accounting policies (continued)
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.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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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.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
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The average monthly number of employees during the year was 32.
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Long-term leasehold property
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Charge for the year on owned assets
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
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Due after more than one year
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Amounts owed by owners with a participating interest
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Prepayments and accrued income
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Other debtors due after more than one year relate to the rental deposit that is repayable when the lease comes to an end, subject to deduction of any costs.
Amounts owed by owners with a participating interest are interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to owners with a participating interest
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to owners with a participating interest are interest free and repayable on demand.
Included within other creditors is £500,000 relating to payments the company has committed to pay by way of ex gratia payments to support the Directors / Management team of the previous Conduit Club. At the period end £250,000 was expected to be paid imminently and the other £250,000 is expected to be paid in September 2022.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
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Creditors: Amounts falling due after more than one year
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Included within other creditors is £250,000 relating to payments the company has committed to pay by way of ex gratia payments to support the Directors / Management team of the previous Conduit Club. The amount is repayable in 2023. The balance in other creditors is a deferred lease premium on the property.
Other loans is the amount drawn down on an unsecured loan. It was drawn in December 2021 and is repayable December 2024. Interest is payable at 10% per annum.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the 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 £55,574 for the period to 31 December 2021. £1,038 was owed at the year end.
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Related party transactions
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Notes 6&7 disclose amounts owed to / from owners with a participating interest in the company which are interest free and repayable on demand.
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CONDUIT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
There is no ultimate controlling party.
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