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REGISTERED NUMBER: 06648924 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Soundreef Ltd

Soundreef Ltd (Registered number: 06648924)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Soundreef Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Mr A Berwick
Mr F Danieli
Mr C R Law





REGISTERED OFFICE: 17 Grosvenor Street
Mayfair
London
W1K 4QG





REGISTERED NUMBER: 06648924 (England and Wales)






Soundreef Ltd (Registered number: 06648924)

Balance Sheet
31 December 2022

2022 2021
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 2,037 590

CURRENT ASSETS
Debtors 5 12,645,490 7,012,332
Cash at bank 1,508,627 1,262,433
14,154,117 8,274,765
CREDITORS
Amounts falling due within one year 6 14,839,865 7,775,746
NET CURRENT (LIABILITIES)/ASSETS (685,748 ) 499,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

(683,711

)

499,609

PROVISIONS FOR LIABILITIES 148,314 2,069
NET (LIABILITIES)/ASSETS (832,025 ) 497,540

CAPITAL AND RESERVES
Called up share capital 1,903,483 1,903,483
Share premium 628,689 628,689
Revaluation reserve 7 (25,817 ) (25,817 )
Other reserves 4,620,000 4,620,000
Retained earnings (7,958,380 ) (6,628,815 )
(832,025 ) 497,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Soundreef Ltd (Registered number: 06648924)

Balance Sheet - continued
31 December 2022


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 29 September 2023 and were signed on its behalf by:





Mr A Berwick - Director


Soundreef Ltd (Registered number: 06648924)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Soundreef Ltd 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.

The financial statements are prepared in Euro, which is the functional currency of the entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Turnover represents amounts earned from managing the rights of songwriters and music publishers worldwide.

Tangible fixed assets
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery- Straight line over 5 years

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 3 ) .

Soundreef Ltd (Registered number: 06648924)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2022 656
Additions 1,754
At 31 December 2022 2,410
DEPRECIATION
At 1 January 2022 66
Charge for year 307
At 31 December 2022 373
NET BOOK VALUE
At 31 December 2022 2,037
At 31 December 2021 590

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
€    €   
Trade debtors 4,124,380 -
Other debtors 678,128 173,958
VAT 390,729 163,362
Prepayments and accrued income 7,452,253 6,675,012
12,645,490 7,012,332

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
€    €   
Trade creditors 190,495 37,545
Amounts owed to group undertakings 2,754,428 901,428
Taxation and social security 98,829 108,203
Other creditors 11,796,113 6,728,570
14,839,865 7,775,746

7. RESERVES
Revaluation
reserve
€   
At 1 January 2022
and 31 December 2022 (25,817 )

Soundreef Ltd (Registered number: 06648924)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CONTINGENCIES

The Company is involved in a legal dispute with SIAE (Italian Association of Authors and Editors) that originated in 2020 and is still ongoing. The Company's Directors acknowledge that they may have to pay a certain amount to settle the claim, so they have provided accordingly.

As at 31 December 2022, there are six lawsuits filed by Spanish collection agencies AGEDI and AIE against some of the Company's clients, for a total amount of approximately €216,000. The Directors of the Company are aware that, in the event of an unfavourable decision, there is the possibility that the Company will be required to compensate the clients for any related losses. However, it is difficult at this stage to ascertain the outcome of the lawsuits or any settlement amount. No provision has been made in respect of these lawsuits in view of these uncertainties.

The board of directors agrees to sustain the business activity by relying on obtaining the debts written off by the related parties.

9. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary, the company is exempt under Section 1A of FRS 102 from the requirement to disclose transactions with its parent and other wholly owned subsidiaries of the group headed by Soundreef S.p.A.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Soundreef S.p.A., a company based in Italy (Via Alessandro Manzoni,3, 20121 Milan).