0 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 130,667 130,667 xbrli:pure xbrli:shares iso4217:GBP 01073698 2022-07-01 2023-06-30 01073698 2023-06-30 01073698 2022-06-30 01073698 2021-07-01 2022-06-30 01073698 2022-06-30 01073698 core:FurnitureFittings 2022-07-01 2023-06-30 01073698 bus:Director2 2022-07-01 2023-06-30 01073698 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 01073698 core:LandBuildings 2022-06-30 01073698 core:PlantMachinery 2022-06-30 01073698 core:FurnitureFittings 2022-06-30 01073698 core:LandBuildings 2023-06-30 01073698 core:PlantMachinery 2023-06-30 01073698 core:FurnitureFittings 2023-06-30 01073698 core:LandBuildings 2022-07-01 2023-06-30 01073698 core:PlantMachinery 2022-07-01 2023-06-30 01073698 core:WithinOneYear 2023-06-30 01073698 core:WithinOneYear 2022-06-30 01073698 core:ShareCapital 2023-06-30 01073698 core:ShareCapital 2022-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2023-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2022-06-30 01073698 core:LandBuildings 2022-06-30 01073698 core:PlantMachinery 2022-06-30 01073698 core:FurnitureFittings 2022-06-30 01073698 bus:SmallEntities 2022-07-01 2023-06-30 01073698 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01073698 bus:FullAccounts 2022-07-01 2023-06-30 01073698 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01073698 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01073698 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 01073698 bus:Director1 1 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 01073698
Nick Mason Music Limited
Filleted Unaudited Financial Statements
30 June 2023
Nick Mason Music Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
41,053
32,299
Current assets
Debtors
7
12,918,913
15,535,364
Cash at bank and in hand
113,944
31,042
-------------
-------------
13,032,857
15,566,406
Creditors: amounts falling due within one year
8
( 4,439,381)
( 7,835,757)
-------------
-------------
Net current assets
8,593,476
7,730,649
------------
------------
Total assets less current liabilities
8,634,529
7,762,948
Provisions
Taxation including deferred tax
( 9,938)
( 7,171)
------------
------------
Net assets
8,624,591
7,755,777
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8,624,491
7,755,677
------------
------------
Shareholders funds
8,624,591
7,755,777
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nick Mason Music Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 9 March 2024 , and are signed on behalf of the board by:
S Brittan
Director
Company registration number: 01073698
Nick Mason Music Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Ymu Business Management Ltd, 180 Great Portland Street, London, W1W 5QZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Copyrights
Included within intangible assets are copyrights relating to a US tour. As the tour was completed a number of years ago, these have been written down to a nil value.
Going concern
In the opinion of the directors, the going concern basis remains appropriate as the loans due from group companies are considered recoverable and confirmation has been received from a director that he will continue to support the company for a minimum of 12 months from the date of the approval of the accounts.
Revenue recognition
Turnover represents the value of royalties receivable and continuing income derived from tours earned during the year, stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Included within intangible assets are copyrights relating to a US tour.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
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:
Leasehold Improvements
-
Straight line over term of lease - 5 years
Plant and Machinery
-
15% and 33% straight line
Fixtures and Fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contract actual arrangement, as either financial assets, financial liabilities or equity instruments of the company after deducting all of its liabilities .
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income statement.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 11 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2022 and 30 June 2023
130,667
---------
Amortisation
At 1 July 2022 and 30 June 2023
130,667
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
6. Tangible assets
Leasehold Improve-ments
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2022
16,581
294,780
154,996
466,357
Additions
21,873
21,873
Disposals
( 35,318)
( 35,318)
--------
---------
---------
---------
At 30 June 2023
16,581
316,653
119,678
452,912
--------
---------
---------
---------
Depreciation
At 1 July 2022
16,075
291,393
126,590
434,058
Charge for the year
506
2,184
10,430
13,120
Disposals
( 35,319)
( 35,319)
--------
---------
---------
---------
At 30 June 2023
16,581
293,577
101,701
411,859
--------
---------
---------
---------
Carrying amount
At 30 June 2023
23,076
17,977
41,053
--------
---------
---------
---------
At 30 June 2022
506
3,387
28,406
32,299
--------
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
2,604
732,041
Amounts owed by group undertakings and undertakings in which the company has a participating interest
12,790,661
14,659,919
Other debtors
125,648
143,404
-------------
-------------
12,918,913
15,535,364
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
507,502
456,588
Trade creditors
124,814
486,731
Amounts owed to group undertakings and undertakings in which the company has a participating interest
128,598
1,603,214
Corporation tax
34
Social security and other taxes
179,680
Other creditors
3,678,433
5,109,544
------------
------------
4,439,381
7,835,757
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
22,000
----
--------
10. Directors' advances, credits and guarantees
At the period end, a director was owed £3,418,889 from the company (2022: £4,765,732). This loan is unsecured, interest free and repayable on demand. A director has given a limited personal guarantee of £1,000,000 to Barclays Bank Plc. There is also a cross guarantee and debenture between the parent company, Morntane Limited and Nick Mason Music Limited dated 7 August 2012.
11. Related party transactions
The company has taken advantage of the exemption available not to disclose transactions with other group companies which are 100% owned within the group.
Transactions with related companies
During the period the company received royalties from companies in which a company director is also a director and shareholder in those companies:
2023
2022
£
£
Royalties
2,906,364
3,604,148
During the period the company provided or received services from companies in which directors of the company are also directors of those companies.
Receivables:
2023
2022
£
£
Bookkeeping recharge
1,500
1,500