Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
COMPANY INFORMATION
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FABER MUSIC LIMITED
CONTENTS
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FABER MUSIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the company in the year under review was that of the print and digital publication and distribution of music books, together with the use and management of musical copyrights.
During the year the company continued its core operations on an uninterrupted basis and in profit, and made steady recovery in the period following the Coronavirus pandemic.
Income streams in print publishing remained slightly below pre-pandemic levels, but growth was seen in rights management income and digital sales. Continued careful cost control helped produce satisfactory levels of profit. During the year, preparation for and testing of the production, sales and warehouse functions of our new IT system continued. Careful consideration has been given by the directors to industry trends and to expansion opportunities, and the company's rolling strategic plan and related investments, including technology, remain aligned accordingly. Investment in people has continued. The company’s sales into the European Union are assisted by its German subsidiary Faber Music GmbH. The company’s directors are involved closely in music publishing and rights industry bodies, contributing to policy and maintaining dialogue with relevant parties. The success of the financial year means the company remains well-placed, operationally and financially, to cope with the post-pandemic period and other economic challenges, including inflation, with the full ongoing support of its shareholder. The board continues to look forward with optimism, particularly in view of the long-term nature of the company’s core print and rights assets. In March 2023 the company completed its move to new office premises in Central London, on a long-term lease. The new office offers a modern and flexible working environment and entertaining space, is well-suited to collaborative working, and is energy-efficient. Our London-based staff have responded very favourably to the move. Subsequent to the year-end the company 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 parent company Geoffrey Faber Holdings Limited. 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 company to disclose the details of the individual transactions at this time.
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FABER MUSIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The company is managed by its executive directors on a daily basis. The directors meet formally as a Board each quarter, chaired by the Chairman of the Group. The company is well placed to manage its business risks.
Markets The markets in which the company 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 company 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 continue to seek opportunities in print and distribution markets. Exchange rates The company 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 company 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 company's principal financial 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 company 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 company 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. The parent company Geoffrey Faber Holdings Limited provides a flexible facility allowing the company to meet short-term cash requirements. This facility is used on an occasional basis.
The Directors have considered the use of the going concern basis in preparation of the financial statements and have concluded that it is appropriate. Further details regarding the adoption of the going concern basis can be found in note 2.2.
This report was approved by the board on 12 April 2024 and signed on its behalf.
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FABER MUSIC 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 Strategic report, the Directors' 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 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £161,118 (2022 - £229,832).
No dividend will be distributed for the year ended 31 March 2023.
The directors who served during the year were:
The Company continues to seek ways to develop its range of products and services. This includes development in software enabling the Company and its chosen industry partners to reach consumers online more effectively, and investment in young composers and performing artists.
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FABER MUSIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
In the year, in addition to ongoing systems and digital development, the company continued to extend its expertise in one-off 'special' publications.
As part of its ongoing commitment to diversity issues, the company has continued its partnership with 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 Company 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 and signed on its behalf.
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FABER MUSIC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FABER MUSIC LIMITED
We have audited the financial statements of Faber Music Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company 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 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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FABER MUSIC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FABER MUSIC 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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FABER MUSIC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FABER MUSIC 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 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.
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.
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FABER MUSIC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FABER MUSIC LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
6th Floor
2 London Wall Place
London
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FABER MUSIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
REGISTERED NUMBER: 02703274
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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FABER MUSIC LIMITED
REGISTERED NUMBER: 02703274
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 14 to 37 form part of these financial statements.
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FABER MUSIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Faber Music Limited is a private company, limited by shares, incorporated in England and Wales.
The registered office of Faber Music Limited is 12 Roger Street London WC1N 2JU. The principal place of business of Faber Music Limited is 16 Burnt Mill, Elizabeth Way, Harlow, CM20 2HX.
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 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 (see note 3).
The financial statements are presented in sterling rounded to the nearest £1.
The following principal accounting policies have been applied:
The company made a loss in the year of £161,118 and had net current liabilities of £3,402,108 as at 31 March 2023.
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic report and the Directors' report. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the support provided by the parent company, Geoffrey Faber Holdings Limited. After making enquiries, the directors have a reasonable expectation that the company and the parent company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Geoffrey Faber Holdings Limited as at year ended 31 March 2023 and these financial statements may be obtained from 12 Roger Street, London, WC1N 2JU.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Royalties and rights income Royalties and rights income is recognised in the period to which it relates, or if it cannot be reliably estimated, on a receipts basis.
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FABER MUSIC 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.
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.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company 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 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, 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 Company'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.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 Company 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 Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Functional and presentation currency
Transactions and balances
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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FABER MUSIC 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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FABER MUSIC 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.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
(a) the identification of royalty and rights income based upon the substance of underlying contracts and agreements. Royalty 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 20. 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 uncertainty relates to the period over which intangibles are amortised. As set out in Note 11, goodwill is assumed to have a useful economic 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.
The whole of the turnover is attributable to the company's printed music sales and distribution buisness.
Analysis of turnover by country of destination:
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10.Taxation (continued)
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
There is a fixed and floating charge over the company's assets as security against the bank overdraft.
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company operates a Defined benefit pension scheme.
In the year the company participated in the Faber & Faber Pension and Assurance Scheme along with another employer in the Geoffrey Faber Holdings Limited group. The scheme is a multi employer scheme with assets held in a separately 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 then 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 Faber Music Limited agreed share of the plan assets, liabilities and shortfall payments is as follows:
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
20.Pension commitments (continued)
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FABER MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
20.Pension commitments (continued)
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FABER MUSIC 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 company to disclose the details of the individual transactions at this time.
The parent company and ultimate controlling party is Geoffrey Faber Holdings Limited, which prepares consolidated financial statements for the group of which the company is a member. The consolidated financial statements are available at the parent company's registered office, 12 Roger Street London WC1N 2JU.
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