Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
COMPANY INFORMATION
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GEOFFREY FABER HOLDINGS LIMITED
CONTENTS
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GEOFFREY FABER HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activities of the Group are the publication and distribution of music books together with the use and management of musical copyrights through its wholly-owned subsidiary Faber Music Limited.
The Group's associate, Faber and Faber Limited, is a literary publisher.
Faber Music's income streams showed steady recovery after the pandemic. Faber & Faber generated reasonable profits, consolidating its performance after a string of record-breaking years.
During the year, and in the subsequent months, both Faber & Faber and Faber Music moved London office premises, to separate, modern and centrally located offices. This transition has proved very successful, with new flexible accommodation providing a comfortable and dynamic work environment. Negotiations around the end of the lease of the former premises, which expired in September 2023, have been concluded successfully. Preparation and testing for the sales and warehouse functions of Faber Music's new IT system continued. Careful consideration has been given by the directors to industry trends and to expansion opportunities, and the Group's rolling strategic plan and related investments, including technology, remain aligned accordingly. Investment in people has continued. The Group’s investment in Swift Press Limited has continued to provide encouraging results. Subsequent to the year-end the Group acquired an international print publishing business, a print publishing licence, a publishing rights business, and a music management agency. The aggregate cost of these acquisitions, including stocks of books and other physical assets acquired, and reorganisation and transaction costs, was £6.9m. This activity was funded through existing cash resources of the Group. Due to the nature of the music publishing and rights industry, the directors are of the opinion that it would be commercially detrimental to the Group to disclose the details of the individual transactions at this time.
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GEOFFREY FABER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Group is managed by its subsidiary and associate entity executive directors on a daily basis. The directors meet formally as a Board each quarter, chaired by the Chairman of the Group. The Group is well placed to manage its business risks.
Markets The markets in which the Group operates are relatively mature and consequently stable, but with strong competition for rights and services agreements. This gives rise to risks of losing business as well as erosion of margins. The Group manages these risks by providing a good quality service to its composers, clients and customers, by the creation of new products and services, and by constant monitoring of operating margins and other financial measures. The directors consider that recent consolidation in print and distribution markets gives rise to both risks and opportunities. Exchange rates The Group sources some of its product in foreign currency and is also paid by some customers in foreign currency. By operating Euro and $US bank accounts, the Group reduces its exposure to foreign exchange fluctuations. Treasury staff monitor balances and exchange rates daily. Exchange hedging opportunities are evaluated on a periodic basis. Credit risk The Group's principal assets are trade receivables, stock and cash balances. Credit risk is primarily attributable to these. The amounts presented in the balance sheet are net of allowances for doubtful debtors and older stock. The Group has a satisfactory concentration of credit risk, with exposure spread over a large number of customers and stock lines. Cash flow and liquidity risk The Group has a large throughput of cash as it acts as agent for its distribution and composer clients. Cash flow is forecast weekly and is monitored daily. Credit control is fully staffed and well controlled. Creditors are paid to term unless in exceptional circumstances. Bank facilities in place are sufficient to meet expected liquidity requirements
Faber Music remains focused on excellence and distinctiveness in composers it publishes, in the music that it produces (both in print and digitally) and in the distribution service it provides. It is following a strategy aimed at creating assets of lasting value, through a concentration on organic growth, targeted investment and appropriate alliances.
Faber and Faber's objective is to remain an internationally successful, high quality publisher of both cultural and commercial significance, publishing from and to a multiplicity of cultures. It remains committed to the independent publishing sector and to that end will continue to invest in independent publishing services and to build appropriate alliances. The company will also continue to build its world-leading creative writing school, the Faber Academy. Nevertheless, core publishing remains its main priority and the company is in an excellent position to build on its success in both literary and financial terms.
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GEOFFREY FABER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
This report was approved by the board on 17 April 2024 and signed on its behalf.
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GEOFFREY FABER HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £531,438 (2022 - £4,647,054).
The company paid a dividend of £1.28 per share for the year ended 31 March 2023.
The total distribution of dividends for the year ended 31 March 2023 was £307,370 (2022: £648,359).
The directors who served during the year were:
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GEOFFREY FABER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Group continues to seek ways to develop its range of products end services. This included developing software enabling the Group and its chosen industry partners to reach consumers online more effectively, and investment in young composers and performing artists.
We have made further international agreements to further our presence and range of publishing activities and continue to run our wholly-owned German company in Leipzig.
In the year, in addition to ongoing market research and in-house digital platform and content creation, the Group continued to develop its expertise in one-off 'special' publications.
The Group has renewed its commitment to the charity Sound and Music to fund training for ten young aspiring composers per year.
In accordance with section 414C(11) of the Companies Act 2006, the Group has chosen to include information relating to principal risks and uncertainties in the Strategic Report.
Under section 487(2) of the Companies Act 2006, MHA will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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GEOFFREY FABER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED
We have audited the financial statements of Geoffrey Faber Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GEOFFREY FABER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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GEOFFREY FABER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; - Reviewing minutes of meetings of those charged with governance and; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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GEOFFREY FABER HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOFFREY FABER HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
6th Floor
2 London Wall Place
London
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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GEOFFREY FABER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 23 to 53 form part of these financial statements.
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GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
REGISTERED NUMBER: 00238274
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 23 to 53 form part of these financial statements.
The parent company has taken advantage of the exemption allowed in Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income. The profit dealt with in the financial statements of the parent company is £323,794 (2022: £3,889,450).
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
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GEOFFREY FABER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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GEOFFREY FABER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Geoffrey Faber Holdings Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom.
The registered office of Geoffrey Faber Holdings Limited is 12 Roger Street, London WJ1N 2JU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Functional and presentation currency
Transactions and balances
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Royalties and rights income is recognised in the period to which it relates, or if it cannot be reliably estimated, on a receipts basis. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Defined benefit pension plan
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Intellectual property rights are amortised over the useful economic life of the asset on a straight line basis. No amortisation is provided where the useful economic life has not commenced at the year end.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
(a) the identification of royalties and rights income based upon the substance of underlying contracts and agreements. Royalties and rights income is only recognised when it is capable of being reliably measured. (b) actuarial assumptions for valuation of the defined benefit pension scheme liability. The actuary has updated its assessment of prevailing financial conditions. The principal actuarial assumptions are set out in note 23. In the absence of significant movements in the membership (the scheme is closed to new members) the membership data is considered suitable for the purpose of the actuarial valuation. The key source of estimation uncertainity relates to the period over which goodwill is amortised. As set out in Note 13, goodwill is assumed to have a useful life of 20 years, based on several factors and in the absence of contradictory evidence. Other intangibles are appraised based on their particular characteristics, in a range from 3 to 20 years' amortisation; even where life of copyright extends far beyond 20 years.
Analysis of turnover by country of destination:
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.Taxation (continued)
The main rate of corporation tax in the UK is increasing to 25% from 1 April 2023. Companies classified as having small profits will be able to cliam marginal relief from the main rate of corporation tax giving an effective rate of tax between 19% and 25% depending on the amount of taxable profits.
A deferred tax asset of £34,916 (2022: £34,916) for capital losses has not been recognised.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 40
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.Tangible fixed assets (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.Tangible fixed assets (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.Tangible fixed assets (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 45
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
17.Debtors (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The bank overdraft is secured by a fixed and floating charge over the assets of the group.
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 48
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
21.Deferred taxation (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Group operates a Defined benefit pension scheme.
In the year the group participated in the Faber & Faber Pension and Assurance Scheme along with an associate employer of the group. The scheme is a multi-employer scheme with assets held in a seperately administered fund from those of the company. The scheme was closed to new employees from 5th April 2006 and with effect from 1st April 2010 was closed to benefit accrual for future service.
The funding policy of the scheme is to contribute such variable amounts as, on the advice of an independent actuary, to ensure the fund has sufficient and appropriate assets to cover the value of the fund's accrued liabilities in accordance with the Statutory Funding Requirement. The last full actuarial valuation was performed at 1 April 2023, and showed a surplus of scheme assets over liabilities. As a result the previous recommended plan to eliminate the shortfall by additional payments has been put on hold. The surplus on the Faber & Faber Limited Pension and Assurance Scheme at 31 March 2023 was £743,000. The group's agreed share of the plan assets, liabilities and shortfall payments is as follows:
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
23.Pension commitments (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
23.Pension commitments (continued)
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GEOFFREY FABER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Due to the nature of the music publishing and rights industry, the directors are of the opinion that it would be commercially detrimental to the Group to disclose the details of the individual transactions at this time.
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