Registered number |
Information for Filing with the Registrar |
Company Information |
Directors |
Secretary |
Auditors |
Grant Thornton UK LLP |
30 Finsbury Square |
London |
EC2A 1AG |
Registered office |
Unit 9 Westworks Building |
White City Place |
195 Wood Lane |
London |
W12 7FQ |
Registered number |
Music Holdings Limited | |
Report and accounts | |
Contents | |
Page | |
Statement of financial position | 1 |
Notes to the financial statements | 2-8 |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Unaudited | |||||||
Notes | 31 December 2022 | 30 June 2022 | |||||
$ | $ | ||||||
Non-current assets | |||||||
Investments | 4 | ||||||
Current assets | |||||||
Trade and other receivables | 5 | ||||||
Cash and cash equivalents | |||||||
Current liabilities | 6 | ( |
( |
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Net current (liabilities)/assets | ( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Net assets | |||||||
Equity | |||||||
Called up share capital | |||||||
Share premium | |||||||
Retained earnings | ( |
( |
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Shareholders' funds | |||||||
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. | |||||||
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. |
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Timothy Hegarty | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the period from 1 July 2022 to |
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1 | General Information | |||||||
Music Holdings Limited is a private company limited by shares and incorporated in England and Wales. Registered number 13542729. Its registered head office is located at Unit 9 Westworks Building, White City Place, 195 Wood Lane, London, W12 7FQ. | ||||||||
2 | Accounting policies | |||||||
2.1 | Basis of preparation of financial statements | |||||||
The company's financial statements are presented in US Dollars and all values are rounded to the nearest dollar ($) except when otherwise stated. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The following principal accounting policies have been applied: |
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2.2 | Foreign currency translation | |||||||
The company's functional and presentational currency is USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
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2.3 | Finance costs | |||||||
2.4 | Borrowing costs | |||||||
2.5 | Valuation of investments | |||||||
2.6 | Debtors | |||||||
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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2.7 | Cash and cash equivalents | |||||||
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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2.8 | Creditors | |||||||
2.9 | Financial instruments | |||||||
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's Statement of financial position when the company 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the |
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effective interest rate. The impairment loss is recognised in the statement of income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other payables, bank overdrafts and other long term loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year not amortised. |
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Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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2.10 | Equity instruments | |||||||
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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2.11 | Employee benefits | |||||||
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. |
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6 month peiod ended | Unaudited | |||||||
3 | Employees | 31 December 2022 | 2 August 2021 to 30 June 2022 | |||||
No. | No. | |||||||
The average monthly number of persons (including directors) employed by the company during the | ||||||||
period was: | ||||||||
Shares in subsidiaries | ||||||||
4 | Fixed asset investments | $ | ||||||
Cost of valuation | ||||||||
At 1 July 2022 | ||||||||
Additions | ||||||||
At 31 December 2022 | ||||||||
Amortisation | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 30 June 2022 | ||||||||
Subsidiary undertakings | ||||||||
The following were subsidiary undertakings of the company | ||||||||
The following were subsidiary undertakings of the company | ||||||||
Name | Registered office | Class of shares | Holding | |||||
Music Midco Limited | Unit 9 Westworks Building, Whtie City Place, 195 Wood Lane, London, W12 7FQ | Ordinay | 100% | |||||
CEG Media Music Limited* | Unit 9 Westworks Building, Whtie City Place, 195 Wood Lane, London, W12 7FQ | Ordinay | 100% | |||||
On 27 October 2022 Music Midco Limited was incorporated and is a wholly owned subsidiary of Music Holdings Limited. Subsequently, Music Holdings Limited transferred it's shares in CEG Media Music Limited to Music Midco Limited by way of a share for share exchange. |
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* indirectly held | ||||||||
Unaudited | ||||||||
5 | Trade and other receivables | 31 December 2022 | 30 June 2022 | |||||
$ | $ | |||||||
Amounts owed by group undertakings and undertakings | ||||||||
Other receivables | ||||||||
Prepayments and accrued income | ||||||||
6 | Current liabilities | 31 December 2022 | 30 June 2022 | |||||
$ | $ | |||||||
Bank loans and overdrafts | ||||||||
Amounts owed to group undertakings and undertakings | ||||||||
Accruals and deferred income | ||||||||
Senior facility | ||||||||
Amounts owed to group undertakings are interest free and payable on demand. The Senior loan repayment date is 19 December 2027, holds an interest rate of 12% and is secured against the assets of Music Holdings Limited. Repayments are made quarterly based on excess cash flow above $100,000 with the remaining amount due on the repayment date. The total loan facility is $98.4m. |
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Unaudited | ||||||||
7 | Non-current liabilties | 31 December 2022 | 30 June 2022 | |||||
$ | $ | |||||||
Junior loan | ||||||||
Senior facility | ||||||||
8 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
9 | Other information | |||||||
Music Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Unit 9 Westworks Building | ||||||||
White City Place | ||||||||
195 Wood Lane | ||||||||
London | ||||||||
W12 7FQ |