The Sanctum London Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 03831880 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

The Sanctum London Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M N J Fuller

A J Taylor

G S Molyneux

SECRETARY:

S H Pennington

REGISTERED OFFICE:

Bridle House

36 Bridle Lane

London

W1F 9BZ

REGISTERED NUMBER:

03831880 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

1,846

Tangible assets

5

780,868

673,084

780,868

674,930

CURRENT ASSETS

Stocks

6

68,911

79,441

Debtors

7

1,118,460

856,849

Cash at bank and in hand

8,550

250

1,195,921

936,540

CREDITORS

Amounts falling due within one year

8

4,907,795

2,911,404

NET CURRENT LIABILITIES

(3,711,874

)

(1,974,864

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,931,006

)

(1,299,934

)

CREDITORS

Amounts falling due after more than one year

9

-

1,450,000

NET LIABILITIES

(2,931,006

)

(2,749,934

)

CAPITAL AND RESERVES

Called up share capital

1,250

1,250

Share premium

499,750

499,750

Retained earnings

(3,432,006

)

(3,250,934

)

SHAREHOLDERS' FUNDS

(2,931,006

)

(2,749,934

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 6 September 2017 and were signed on its behalf by:

A J Taylor - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 £2,931,006 (2015: £2,749,934). The

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

and a director who has confirmed his ongoing financial support of the company for the

foreseeable future and his ability to provide such support. 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 41 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

and 31 December 2016

4,614

AMORTISATION

At 1 January 2016

2,768

Charge for year

1,846

At 31 December 2016

4,614

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

1,846

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2016

317,754

893,149

1,210,903

Additions

-

166,448

166,448

Disposals

-

(8,625

)

(8,625

)

Revaluations

-

30,000

30,000

At 31 December 2016

317,754

1,080,972

1,398,726

DEPRECIATION

At 1 January 2016

70,419

467,400

537,819

Charge for year

12,714

68,503

81,217

Eliminated on disposal

-

(1,178

)

(1,178

)

At 31 December 2016

83,133

534,725

617,858

NET BOOK VALUE

At 31 December 2016

234,621

546,247

780,868

At 31 December 2015

247,335

425,749

673,084

Cost or valuation at 31 December 2016 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

-

30,000

30,000

Cost

317,754

1,050,972

1,368,726

317,754

1,080,972

1,398,726

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

historical cost:

31.12.16

31.12.15

£

£

Cost

65,000

-

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

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 2016

and 31 December 2016

213,131

DEPRECIATION

At 1 January 2016

98,308

Charge for year

21,313

At 31 December 2016

119,621

NET BOOK VALUE

At 31 December 2016

93,510

At 31 December 2015

114,823

6.

STOCKS

31.12.16

31.12.15

£

£

Stocks

68,911

79,441

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

389,547

166,319

Amounts owed by group undertakings

375,729

344,277

Other debtors

353,184

346,253

1,118,460

856,849

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Finance leases

80,909

2,542

Trade creditors

2,107,051

1,452,455

Amounts owed to group undertakings

587,157

750,216

Taxation and social security

327,882

116,794

Other creditors

1,804,796

589,397

4,907,795

2,911,404

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Other creditors

-

1,450,000

10.	SECURED DEBTS

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

Alfandari Private Equites Ltd £76,299 (2015: £NIL).

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

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland', not to disclose related party transactions with wholly owned subsidiaries within the

group.

Mark Fuller London Ltd

Company owed by Mark Fuller, director

At the balance sheet date Mark Fuller Ltd owed The Sanctum London Ltd £NIL (2015:

£20,383).

Joan Lawson

A close relation of M N J Fuller, a director

At the balance sheet date the loan from Mrs Lawson of £110,000 (2015: £110,000) is

outstanding.

A Smith Holdings Ltd

Adrian Smith is a shareholder of Concept Venues Ltd

At the balance sheet date The Sanctum London Ltd owed A Smith Holdings Ltd £13,800

(2015: £13,800), also at the balance sheet date Adrian Smith director of the above company

owed The Sanctum London Ltd £7,530 (2015: £NIL).

Steve Harris.

Shareholder of Concept Venues Ltd

At the balance sheet date The Sanctum London Ltd owes Steve Harris £16,295 (2015:

£17,395).

Nick Howe

A shareholder of Concept Venues Ltd.

At the balance sheet date The Sanctum London Ltd owed Nick Howe £6,315 (2015:

£6,807).

12.	ULTIMATE CONTROLLING PARTY

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

Venues Ltd.

13.	FIRST YEAR ADOPTION

There are no transitional adjustments from FRSSE (effective January 2015) for the year

ending 31 December 2015 to FRS 102 Section 1A for the year ending 31 December 2016.

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional

relief:

•

to determine existence of leases on basis of existing facts and circumstances;

•

to treat date of transition to FRS 102 as date on which capitalisation of borrowing costs commences;

•

not to apply the requirements of paragraphs 20.15A to 20.25A in respect of lease incentives.