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Company No: 04160312 (England and Wales)

NETTWERK MUSIC (UK) LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 30 June 2023

NETTWERK MUSIC (UK) LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

NETTWERK MUSIC (UK) LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTORS M Jowett
T N Mcbride
S W Winn
SECRETARY S Mortimer-Lamb
REGISTERED OFFICE 15 Adeline Place
3rd Floor
London 15 Adeline Place
3rd Floor
London
WC1B 3AJ
United Kingdom
COMPANY NUMBER 04160312 (England and Wales)
CHARTERED ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
NETTWERK MUSIC (UK) LIMITED

DIRECTORS' REPORT

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 30 June 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 June 2023.

PRINCIPAL ACTIVITIES

The principal activity of the company is that of music industry band management.

GOING CONCERN

The directors have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

M Jowett
T N Mcbride
S W Winn

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

M Jowett
Director

04 March 2024

NETTWERK MUSIC (UK) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 30 June 2023

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NETTWERK MUSIC (UK) LIMITED

For the financial year ended 30 June 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NETTWERK MUSIC (UK) LIMITED (continued)

For the financial year ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nettwerk Music (UK) Limited for the financial year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Nettwerk Music (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nettwerk Music (UK) Limited. You consider that Nettwerk Music (UK) Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Nettwerk Music (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Nettwerk Music (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 27 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Nettwerk Music (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Nettwerk Music (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nettwerk Music (UK) Limited and its Board of Directors as a body for our work or for this report.

Berg Kaprow Lewis LLP
Chartered Accountants

35 Ballards Lane
London
N3 1XW

04 March 2024

NETTWERK MUSIC (UK) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 30 June 2023
2023 2022
£ £
Turnover 10,390,395 8,165,769
Cost of sales ( 8,588,968) ( 6,657,424)
Gross profit 1,801,427 1,508,345
Administrative expenses ( 1,539,303) ( 975,398)
Operating profit 262,124 532,947
Interest payable and similar expenses ( 7,818) 0
Profit before taxation 254,306 532,947
Tax on profit ( 58,993) ( 101,678)
Profit for the financial year 195,313 431,269
Retained earnings at the beginning of financial year 990,872 559,603
Profit for the financial year 195,313 431,269
Retained earnings at the end of financial year 1,186,185 990,872
NETTWERK MUSIC (UK) LIMITED

BALANCE SHEET

As at 30 June 2023
NETTWERK MUSIC (UK) LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 100,323 133,426
100,323 133,426
Current assets
Debtors 4 1,244,015 1,652,386
Cash at bank and in hand 5 1,688,857 1,465,250
2,932,872 3,117,636
Creditors: amounts falling due within one year 6 ( 1,810,606) ( 2,187,440)
Net current assets 1,122,266 930,196
Total assets less current liabilities 1,222,589 1,063,622
Creditors: amounts falling due after more than one year 7 ( 35,404) ( 71,750)
Net assets 1,187,185 991,872
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 1,186,185 990,872
Total shareholders' funds 1,187,185 991,872

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Nettwerk Music (UK) Limited (registered number: 04160312) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Jowett
Director

04 March 2024

NETTWERK MUSIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nettwerk Music (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 15 Adeline Place, 3rd Floor, London 15 Adeline Place, 3rd Floor, London, WC1B 3AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term 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 as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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:

Plant and machinery 4 years straight line
15 % reducing balance
Other property, plant and equipment 3.6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Tangible assets

Plant and machinery Other property, plant
and equipment
Total
£ £ £
Cost
At 01 July 2022 32,914 168,400 201,314
Additions 16,458 0 16,458
At 30 June 2023 49,372 168,400 217,772
Accumulated depreciation
At 01 July 2022 21,121 46,767 67,888
Charge for the financial year 8,467 41,094 49,561
At 30 June 2023 29,588 87,861 117,449
Net book value
At 30 June 2023 19,784 80,539 100,323
At 30 June 2022 11,793 121,633 133,426
Leased assets included above:
Net book value
At 30 June 2023 0 80,539 80,539
At 30 June 2022 0 121,633 121,633

4. Debtors

2023 2022
£ £
Trade debtors 812,051 1,299,337
Other debtors 431,964 353,049
1,244,015 1,652,386

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,688,857 1,465,250

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 82,661 98,432
Amounts owed to Group undertakings 1,519,298 1,874,799
Taxation and social security 80,522 160,456
Other creditors 128,125 53,753
1,810,606 2,187,440

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 35,404 71,750

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Other financial commitments

2023 2022
£ £
Operating lease commitments 80,539 121,583

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

NETTWERK MUSIC (UK) LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

For the financial year ended 30 June 2023
NETTWERK MUSIC (UK) LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 June 2023
2023 2022
£ £
Turnover
Sales 10,390,395 8,165,769
Cost of sales
Purchases ( 8,271) ( 2,531)
Direct costs ( 8,513,776) ( 6,604,725)
Manufacturing costs ( 54,331) ( 44,558)
Commission, carriage and import ( 12,590) ( 5,610)
(8,588,968) (6,657,424)
Gross profit 1,801,427 1,508,345
Administrative expenses
Wages and salaries ( 1,037,725) ( 731,435)
Staff training and welfare ( 18,985) ( 7,276)
Travel and subsistence ( 66,434) ( 19,389)
Rent ( 40,257) ( 12,973)
Cleaning ( 5,013) ( 3,492)
Computer expenses ( 8,409) ( 10,300)
Internet, telephone and fax ( 6,983) ( 7,089)
Printing, postage and stationery ( 17,218) ( 1,337)
Bank charges ( 1,481) ( 959)
Subscriptions ( 12,111) ( 6,991)
Insurance ( 4,196) ( 4,134)
Depreciation ( 52,397) ( 59,450)
(Loss)/gain on foreign exchange transactions ( 18,633) 43,222
Accountancy fees 0 ( 5,415)
Legal and professional fees ( 15,777) ( 13,272)
Advertising and PR ( 178,531) ( 105,856)
Staff entertainment ( 2,507) ( 2,164)
Bonuses ( 45,132) ( 22,500)
Sundry expenses ( 7,514) ( 4,588)
(1,539,303) (975,398)
Operating profit 262,124 532,947
Interest payable and similar expenses
Bank interest payable ( 7,818) 0
Profit before taxation 254,306 532,947