The bash, which took place at Port Lympne Wild Animal Park in Kent, was heavily criticised by attendees last weekend.
Acts including Dizzee Rascal and Athlete pulled out of the festival, claiming that organisers did not pay them an agreed fee before they performed.
Responding to media reports, event co-director Danny Blanche said the mistakes were due to inexperience among the organisers.
He told the BBC: "Our biggest problem was one of miscalculation over cash flow. This required us to make the pragmatic decision to cancel a few acts.
"Obviously, none of this was ideal or planned - and not the quality of experience that we had aimed to deliver - and for that we unreservedly apologise to all those affected by the situation."
Blanche added: "We want to stress that this was our first festival and that we have dealt with all problems directly and will continue to do so in preparation for next year."