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REGISTERED NUMBER: 03831880 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2019

for

The Sanctum London Limited

The Sanctum London Limited (Registered number: 03831880)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Sanctum London Limited

Company Information
for the Year Ended 31 December 2019







DIRECTORS: M N J Fuller
G S Molyneux





REGISTERED OFFICE: Bridle House
36 Bridle Lane
London
W1F 9BZ





REGISTERED NUMBER: 03831880 (England and Wales)






The Sanctum London Limited (Registered number: 03831880)

Balance Sheet
31 December 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,369,314 706,919
5,369,314 706,919

CURRENT ASSETS
Stocks 6 127,574 150,574
Debtors 7 3,942,969 2,897,579
Cash at bank and in hand 8 53 2,180
4,070,596 3,050,333
CREDITORS
Amounts falling due within one year 9 5,922,133 6,714,251
NET CURRENT LIABILITIES (1,851,537 ) (3,663,918 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,517,777

(2,956,999

)

CAPITAL AND RESERVES
Called up share capital 1,751,250 1,250
Share premium 499,750 499,750
Revaluation reserve 11 4,569,211 -
Retained earnings (3,302,434 ) (3,457,999 )
SHAREHOLDERS' FUNDS 3,517,777 (2,956,999 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Sanctum London Limited (Registered number: 03831880)

Balance Sheet - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on
8 July 2020 and were signed on its behalf by:





G S Molyneux - Director


The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements
for the Year Ended 31 December 2019

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 is measured at the fair value of the consideration received or receivable and
represents amounts receivable for goods and services rendered, stated net of discounts and
of Value Added Tax.

When cash inflows are deferred and represent a financing arrangement, the fair value of the
consideration is the present value of the future receipts. The difference between the fair
value of the consideration and the normal amount received is recognised as interest
income.

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.

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

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.

Short Leasehold and Fixtures and Fittings were valued for the first time during the year
ending 31 December 2019, whilst they were carried at cost less accumlated depreciation
and impairment in previous periods. The use of a policy of revaluation provides more
relevant and reliable information about the value of the assets. Depreciation will be
provided after any impairment losses at the following rates in subsequent years:

Short leasehold Over the term of the lease
Fixtures & fittings 10% per annum

Revaluations are performed by professional qualified valuers with sufficient regularity to
ensure that the carrying amounts do not differ materially from those that would be
determined using fair values at the end of each reporting period. Any accumulated
depreciation at the date of revaluation is eliminated against the gross carrying amount of the
asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other
comprehensive income and included in a revaluation reserve in equity, except to the extent
that it reverses a revaluation decrease of the same asset previously recognised in profit or
loss, in which case the increase is credited to profit and loss to the extent of the decrease
previously expended. Decreases that offset previous increases of the same asset are
charged in other comprehensive income and debited against revaluation reserve in equity;
decreases exceeding the balance in revaluation reserve relating to an asset are recognised
in profit or loss. Each year the difference between depreciation based on the revalued
carrying amount of the asset recognised in profit or loss and depreciation based on the
asset's original cost is transferred from revaluation reserve to retained earnings.

Depreciation on Plant & Machinery (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:

Plant & machinery 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.

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the
recognition of financial assets and liabilities like trade and other accounts receivable and
payable, loans from banks and other third parties, loans to related parties and other third
parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of
each reporting period for objective evidence of impairment. If objective evidence of
impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the
difference between an asset's carrying amount and the present value of estimated cash
flows discounted at the asset's original effective interest rate. If a financial asset has a
variable interest rate, the discount rate for measuring any impairment loss is the current
effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as
the difference between an asset's carrying amount and the best estimate, which is an
approximation, of the amount that the company would receive for the asset if it were to be
sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of
financial position when there is an enforceable right to set off the recognised amounts and
there is an intention to settle on a net basis or to realise the asset and settle the liability
simultaneously.

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.

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

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.

A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and
liabilities at amounts equal to the fair value of the leased assets or, if lower, the present
value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in
the outstanding liability using the effective interest rate method. The finance charge is
allocated to each period during the lease so as to produce a constant periodic rate of
interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed
assets. If there is no reasonable certainty that ownership will be obtained at the end of the
lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the
lease term.

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.

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

Going concern
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 future.. For this reason the
financial statements have been prepared on a gong concern basis.

Debtors and creditors
Short term debtors, classified as receivable in one year, 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.

Short term creditors, classified as payable in one year, 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant,
property and equipment, are reviewed to determine whether there is an indication that an
asset may be impaired. If there is an indication of possible impairment, the recoverable
amount of any asset or group of related assets, which is the higher of value in use and the
fair value less cost to sell, is estimated and compared with its carrying amount. If the
recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable
amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of
each item of inventory, or group of similar items, is compared with its selling price less costs
to complete and sell. If an item of inventory or group of similar items is impaired, its carrying
amount is reduced to selling price less costs to complete and sell, and an impairment loss is
recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of
elated assets is increased to the revised estimate of its recoverable amount, but not to
exceed the amount that would have been determined had no impairment loss been
recognised for the asset or group of related assets in prior periods. A reversal of an
impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2018 - 38 ) .

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2019
and 31 December 2019 4,614
AMORTISATION
At 1 January 2019
and 31 December 2019 4,614
NET BOOK VALUE
At 31 December 2019 -
At 31 December 2018 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2019 317,754 1,177,805 1,495,559
Additions - 97,669 97,669
Revaluations 1,182,246 2,813,013 3,995,259
At 31 December 2019 1,500,000 4,088,487 5,588,487
DEPRECIATION
At 1 January 2019 108,553 680,087 788,640
Charge for year - 4,487 4,487
Revaluation adjustments (108,553 ) (465,401 ) (573,954 )
At 31 December 2019 - 219,173 219,173
NET BOOK VALUE
At 31 December 2019 1,500,000 3,869,314 5,369,314
At 31 December 2018 209,201 497,718 706,919

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2019 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 - 30,000 30,000
Valuation in 2019 1,182,246 2,813,013 3,995,259
Cost 317,754 1,245,474 1,563,228
1,500,000 4,088,487 5,588,487

If fine artwork (included in P&M) had not been revalued it would have been included at the
following historical cost:

31.12.19 31.12.18
£    £   
Cost 65,000 65,000

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

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

5. TANGIBLE FIXED ASSETS - continued

The fine artwork was not revalued at the year ending 31 December 2017, 31 December
2018 nor at the 31 December 2019 as the directors did not consider the carrying value of the
asset to differ materially from its fair value at the reporting date.


If fixtures and fittings (included in P&M etc) had not been revalued it would would have been
included at the following historical cost:

31.12.19 31.12.18
£ £
Cost 786,987 689,318
Aggregate depreciation 519.069 465,401

Fixtures and fittings were valued on fair value basis on 21 April 2020 by Davis Coffer Lyons


If the short leasehold had not been revalued it would have been included at the following
historical cost:

31.12.19 31.12.18
£ £
Cost 317,754 317,574
Aggregate depreciation 121,263 108,553

The short leasehold was valued on fair value basis on 21 April 2020 by Davis Coffer Lyons

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

5. TANGIBLE FIXED ASSETS - continued

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 2019 358,131
Reclassification/transfer (358,131 )
At 31 December 2019 -
DEPRECIATION
At 1 January 2019 162,247
Reclassification/transfer (162,247 )
At 31 December 2019 -
NET BOOK VALUE
At 31 December 2019 -
At 31 December 2018 195,884

The finance leases are now finished and the assets are now held under tangible assets as
owned assets.

6. STOCKS
31.12.19 31.12.18
£    £   
Stocks 127,574 150,574

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Trade debtors 829,702 428,139
Amounts owed by group undertakings 1,846,050 1,489,356
Other debtors 1,267,217 980,084
3,942,969 2,897,579

8. CASH AT BANK AND IN HAND
31.12.19 31.12.18
£    £   
Barclays Current Account 53 680
Cash in hand - 1,500
53 2,180

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

8. CASH AT BANK AND IN HAND - continued

Cash at bank and in hand are basic financial assets and include cash in hand, despoils held
at call with banks, other short-term liquid investments with original maturities of three months
or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current
liabilities.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Finance leases 12,222 99,365
Trade creditors 3,693,392 2,578,372
Amounts owed to group undertakings - 1,737,652
Taxation and social security 231,544 287,921
Other creditors 1,984,975 2,010,941
5,922,133 6,714,251

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.19 31.12.18
£    £   
Access Commercial Finance 63,524 -

Date Name Amount Description







7/02/2019






Aif 1 Ltd




All monies due or to
become due from the
company.
Charge - Contains fixed charges,
contains floating charge, floating
charge covers all the property or
undertaking of the company.
Contains Negative pledge. Full
details given charge code
038318800004.



The following securities are given by the company in respect of Sanctum On The Green Ltd
(and are outstanding at the year end):

Alfandari Private Equites Ltd £NIL (2018: £4,898).

Date Name Amount Description

06/10/2016 Alfandari
Private
Equities
Limited
All monies due or to
become due from the
company.
Charge - 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.
Charge - 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.
Debenture - Fixed and floating charge
over the undertaking and all property
and assets including goodwill, book
debts, uncalled capital, buildings,
fixtures, fixed plant & machinery,

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

11. RESERVES
Revaluation
reserve
£   
Revaluation reserve 4,569,211

At 31 December 2019 4,569,211

12. RELATED PARTY DISCLOSURES

Concept Venues Ltd

The parent company.


The Sanctum London Ltd gave funding of £1,753,357 to Concept Venues Ltd in the year
(2018: The Sanctum London Ltd received funding of £1.160,581 from Concept Venues Ltd).
At the balance sheet date Concept Venues Ltd owes the company £235,705 (2018: The
Sanctum London Ltd owes the company £1,737,652). The amount is classified as a current
debtor / 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 £31,878
(2018: £66,929). At the balance sheet date the company owes The Sanctum London Ltd
£408,834 (2018: £376,956). 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
£89,111 (2018: £3,606). At the balance sheet date the company owes The Sanctum London
Ltd £1,201,511 (2018: £1,112,400). 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 (2018: £NIL) of the loam from Mrs
Lawson. At the balance sheet date the company owes Mrs Lawson of £98,698 (2018:
£98,698). The amount is classified as a current creditor and is repayable on demand, no
interest is charged.

The Sanctum London Limited (Registered number: 03831880)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

13. ULTIMATE CONTROLLING PARTY

The controlling party is Concept Venues Ltd (company No:03831969).

The ultimate controlling parties are A J Taylor, M N J Fuller and R Smallwood, shareholders
in the parent company Concept Venues Ltd.