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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,470,000
1,470,000
1,470,000
9,978,889
452,284
9,526,605
9,526,605
xbrli:pure
xbrli:shares
iso4217:GBP
1209203
2022-07-01
2023-06-30
1209203
2023-06-30
1209203
2022-06-30
1209203
bus:Director2
2022-07-01
2023-06-30
1209203
core:WithinOneYear
2023-06-30
1209203
core:WithinOneYear
2022-06-30
1209203
core:AfterOneYear
2023-06-30
1209203
core:AfterOneYear
2022-06-30
1209203
core:ShareCapital
2023-06-30
1209203
core:ShareCapital
2022-06-30
1209203
core:RetainedEarningsAccumulatedLosses
2023-06-30
1209203
core:RetainedEarningsAccumulatedLosses
2022-06-30
1209203
core:CostValuation
core:Non-currentFinancialInstruments
2023-06-30
1209203
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-06-30
1209203
core:Non-currentFinancialInstruments
2023-06-30
1209203
core:Non-currentFinancialInstruments
2022-06-30
1209203
core:LandBuildings
2023-06-30
1209203
core:LandBuildings
2022-06-30
1209203
bus:SmallEntities
2022-07-01
2023-06-30
1209203
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
1209203
bus:FullAccounts
2022-07-01
2023-06-30
1209203
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
1209203
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
1209203
bus:Director1
2023-06-30
1209203
core:OtherRelatedParties
2023-06-30
1209203
core:OtherRelatedParties
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
1209203
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
4 |
|
1,470,000 |
1,470,000 |
Investments |
5 |
|
9,526,605 |
9,526,605 |
|
|
--------------- |
--------------- |
|
|
10,996,605 |
10,996,605 |
|
|
|
|
|
Current assets
Debtors |
6 |
12,441,292 |
|
5,003,882 |
Cash at bank and in hand |
112,659 |
|
388,202 |
|
--------------- |
|
------------- |
|
12,553,951 |
|
5,392,084 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
19,976,488) |
|
(
13,096,155) |
|
--------------- |
|
--------------- |
Net current liabilities |
|
(
7,422,537) |
(
7,704,071) |
|
|
--------------- |
--------------- |
Total assets less current liabilities |
|
3,574,068 |
3,292,534 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
487,438) |
(
539,922) |
|
|
------------- |
------------- |
Net assets |
|
3,086,630 |
2,752,612 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,851,898 |
1,851,898 |
Profit and loss account |
|
1,234,732 |
900,714 |
|
|
------------- |
------------- |
Shareholders funds |
|
3,086,630 |
2,752,612 |
|
|
------------- |
------------- |
|
|
|
|
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
.
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
16 February 2024
, and are signed on behalf of the board by:
Company registration number:
1209203
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 Limited, 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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net assets of £3,086,630 (2022: net assets of £2,752,612). In the opinion of the directors the going concern basis is appropriate to the company as the other group entities will ensure that adequate finance will continue to be available for a minimum of 12 months from the date of the approval of the accounts.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the amount of royalties and management charges receivable, interest receivable and sales of stock investments accounted for on an earning basis in respect of the year and rental income, all are 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property at valuation
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 July 2022 and 30 June 2023 |
1,470,000 |
|
------------- |
Depreciation |
|
At 1 July 2022 and 30 June 2023 |
– |
|
------------- |
Carrying amount |
|
At 30 June 2023 |
1,470,000 |
|
------------- |
At 30 June 2022 |
1,470,000 |
|
------------- |
|
|
A valuation of the property was carried out in August 2020 by Trend and Thomas, a firm of Chartered Surveyors. The property was valued at £1,470,000 and based on this valuation the directors consider that the market value of the property at 30 June 2023 is £1,470,000.
5.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 July 2022 and 30 June 2023 |
9,978,889 |
|
------------- |
Impairment |
|
At 1 July 2022 and 30 June 2023 |
452,284 |
|
------------- |
|
|
Carrying amount |
|
At 30 June 2023 |
9,526,605 |
|
------------- |
At 30 June 2022 |
9,526,605 |
|
------------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
12,300 |
89,500 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
11,016,261 |
3,632,502 |
Other debtors |
1,412,731 |
1,281,880 |
|
--------------- |
------------- |
|
12,441,292 |
5,003,882 |
|
--------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
57,954 |
64,179 |
Trade creditors |
1,264 |
23,728 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
19,864,586 |
12,856,104 |
Social security and other taxes |
5,734 |
2,094 |
Other creditors |
46,950 |
150,050 |
|
--------------- |
--------------- |
|
19,976,488 |
13,096,155 |
|
--------------- |
--------------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
487,438 |
539,922 |
|
---------- |
---------- |
|
|
|
On 1 March 2013 a legal charge was issued in favour of Barclays Bank PLC for the amount of £840,000.
On 21 May 2013 a legal mortgage was secured over the leasehold interest and freehold interest on part of the land at Coopers Yard London N1 1RX in favour of Barclays Bank PLC.
On 7 August 2012 a fixed and floating charge and cross guarantee between
Morntane Limited
and Nick Mason Music Limited was granted over the present and future assets of the company in favour of Barclays Bank PLC.
9.
Reserves
Included within total reserves of £1,234,732 is £39,664 of a revaluation charge in respect of the investment property.
10.
Directors' advances, credits and guarantees
As at the 30 June 2023 the company owed a director £38,600 (2022: £141,700) in the form of a director's loan account of which is unsecured, interest free and repayable on demand.
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
Morntane Limited
owns a participating interest in a company. During the year Morntane paid £ 21,000
(2022: £nil) to this company to cover running costs. At the year end Morntane Limited
was owed £192,027 (2022: £171,027). Morntane Limited
owns a participating interest in a company. During the year Morntane received £ 88,000
(2022: received £nil) from this company to cover running costs. At the year end Morntane Limited
was owed £ 1,498,631
(2022: £1,410,631).