Company registration number 06898837 (England and Wales)
BUDDE MUSIC UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BUDDE MUSIC UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BUDDE MUSIC UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,231
1,231
Investments
4
1,322,793
1,322,793
1,324,024
1,324,024
Current assets
Debtors
5
2,684,711
1,957,538
Cash at bank and in hand
327,340
321,183
3,012,051
2,278,721
Creditors: amounts falling due within one year
6
(948,682)
(693,843)
Net current assets
2,063,369
1,584,878
Total assets less current liabilities
3,387,393
2,908,902
Creditors: amounts falling due after more than one year
7
(4,071,335)
(3,444,717)
Net liabilities
(683,942)
(535,815)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(683,943)
(535,816)
Total equity
(683,942)
(535,815)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
Mr BR Budde
Director
Company Registration No. 06898837
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BUDDE MUSIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
Company information
Budde Music UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prager Metis LLP, 5a Bear Lane, Southwark, London, England, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Budde Music Publishing GmbH. These consolidated financial statements are available from its registered office, Hohenzollerndamm 54a 14199, Berlin, Germany.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
Credit is taken for royalty income that has been received from or declared by licensees and other parties.
United Kingdom royalty income is credited to the profit and loss account in the period to which it relates, or if it cannot be reliably estimated, on a receipt basis. Overseas royalty income, which is all collected on behalf of the company by other undertakings, is credited to the profit and loss account in the period overseas sales are reported to the company. Royalties payable are charged against the relevant income of the same period.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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BUDDE MUSIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
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At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits 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 in current liabilities.
1.8
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BUDDE MUSIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
4,140
Depreciation and impairment
At 1 January 2022 and 31 December 2022
2,909
Carrying amount
At 31 December 2022
1,231
At 31 December 2021
1,231
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,322,793
1,322,793
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BUDDE MUSIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
282,071
74,940
Amounts owed by group undertakings
1,707,197
1,233,659
Other debtors
452,161
405,657
2,441,429
1,714,256
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
243,282
243,282
Total debtors
2,684,711
1,957,538
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
85,510
36,010
Amounts owed to group undertakings
77
60
Taxation and social security
37,830
95,466
Other creditors
825,265
562,307
948,682
693,843
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
4,071,335
3,444,717
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Colin Young
Statutory Auditor:
CC Young & Co Limited
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BUDDE MUSIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Related party transactions
During the year, loans totalling £715,000 were provided to Phrased Differently Limited, a company in which Budde Music UK Limited have 50% control. Repayments totalling £258,669 were made in the year. Interest was charged at a rate of 2% above Bank of England base rates and totalled £21,128. At the Balance Sheet date the company was owed £1,233,659 (2020 - £755,700).
10
Parent company
Budde Music Publishing GmbH, registered address of Hohenzollerndamm 54a 14199, Berlin, Germany is the parent company and Benjamin Budde is the ultimate controlling party.
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