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COMPANY REGISTRATION NUMBER: 00270228
Peermusic (UK) Limited - Group
Financial Statements
31 December 2023
Peermusic (UK) Limited - Group
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of income and retained earnings
8
Company statement of income and retained earnings
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of cash flows
12
Notes to the financial statements
13
The following pages do not form part of the financial statements
Company detailed income statement
27
Notes to the company detailed income statement
28
Peermusic (UK) Limited - Group
Strategic Report
Year ended 31 December 2023
The directors present the Strategic Report of the Group for the year ended 31st December 2023. The Company, and all its subsidiaries, principal activity is that of sound recording and music publishing activities. The results of the Group for the year, as set out on page 10, show a profit on ordinary activities before tax of £489,942 (2022 - £271,796 loss), the shareholders' funds of the Group show a deficit of £1,524,717 (2022 - £1,847,617). The directors are satisfied with the trading results for the year which has seen an increase in turnover of 27% compared to the previous year. Gross profit increased by 32.8%, and operating profit has also increased by 210.1% compared to the previous year's results. The Group has developed a framework for identifying the risks that the company is exposed to. The Group operates in a competitive market and is subject to normal commercial risks and uncertainties. The key risks are as follows: Price Risk The Group may be affected by increasing royalty charges. The directors are of the opinion that adherence to Group purchasing policies and procedures mitigates this risk as far as possible. Credit Risk There is a limited risk of bad debts in the normal course of trading. The Group operates practices in order to minimise this risk. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and strong credit control practices are maintained. Liquidity Risk The Group has bank and cash balances of £9,573,403 (2022: £7,755,272). The directors are confident the funding structure is sufficient for trading operations and future expansion. Market Risk The Group mitigates the risks that arise through competitive pressures by offering a service that is of high quality through well trained and experienced staff. The Group is some what at risk to market pressures in line with the global economic situation. The Group is optimistic on its outlook. The expectation is for continued growth helped by the Group's drive for efficiency and commitment to providing an exemplary service to its customers.
This report was approved by the board of directors on 31 May 2024 and signed on behalf of the board by:
N. R. Elderton
Director
Registered office:
23/24 George Street
Richmond upon Thames
Surrey
England
TW9 1HY
Peermusic (UK) Limited - Group
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
N. R. Elderton
R. I. Peer II
E.W. Peer
M. M. Peer
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 31 May 2024 and signed on behalf of the board by:
N. R. Elderton
Director
Registered office:
23/24 George Street
Richmond upon Thames
Surrey
England
TW9 1HY
Peermusic (UK) Limited - Group
Independent Auditor's Report to the Members of Peermusic (UK) Limited - Group
Year ended 31 December 2023
Opinion
We have audited the financial statements of Peermusic (UK) Limited - Group (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's 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 UK, including the FRC’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.
Conclusions relating to going concern
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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
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.
Matters on which we are required to report by exception
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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: As part of designing our audit, we determined the materiality level and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our 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 auditor's 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.
Narendrakumar Mistry FCA
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Accountants, business advisers & statutory auditor
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD
31 May 2024
Peermusic (UK) Limited - Group
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
20,878,272
16,440,237
Cost of sales
17,747,537
14,083,798
-------------
-------------
Gross profit
3,130,735
2,356,439
Distribution costs
182,736
154,960
Administrative expenses
2,871,657
2,718,244
Other operating income
5
233,779
235,302
------------
------------
Operating profit/(loss)
6
310,121
( 281,463)
Income from interests in associates
41,214
13,885
Other interest receivable and similar income
10
138,838
14,234
Interest payable and similar expenses
11
231
18,452
------------
------------
Profit/(loss) before taxation
489,942
( 271,796)
Tax on profit/(loss)
12
167,042
2,846
---------
---------
Profit/(loss) for the financial year and total comprehensive income
322,900
( 274,642)
---------
---------
Retained losses at the start of the year
( 2,174,207)
( 1,899,565)
------------
------------
Retained losses at the end of the year
( 1,851,307)
( 2,174,207)
------------
------------
All the activities of the group are from continuing operations.
Peermusic (UK) Limited - Group
Company Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Profit/(loss) for the financial year and total comprehensive income
522,724
( 62,677)
Retained losses at the start of the year
( 948,937)
( 886,260)
---------
---------
Retained losses at the end of the year
( 426,213)
( 948,937)
---------
---------
Peermusic (UK) Limited - Group
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
1,626,432
1,854,914
Tangible assets
14
22,029
18,681
Investments
15
4,335
4,335
------------
------------
1,652,796
1,877,930
Current assets
Debtors
16
3,699,495
2,464,752
Cash at bank and in hand
9,573,403
7,755,272
-------------
-------------
13,272,898
10,220,024
Creditors: amounts falling due within one year
17
16,447,197
13,987,577
-------------
-------------
Net current liabilities
3,174,299
3,767,553
------------
------------
Total assets less current liabilities
( 1,521,503)
( 1,889,623)
Provisions
Taxation including deferred tax
18
3,214
( 42,006)
------------
------------
Net liabilities
( 1,524,717)
( 1,847,617)
------------
------------
Capital and reserves
Called up share capital
21
300
300
Other reserves, including the fair value reserve
22
326,290
326,290
Profit and loss account
22
( 1,851,307)
( 2,174,207)
------------
------------
Shareholders deficit
( 1,524,717)
( 1,847,617)
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 31 May 2024 , and are signed on behalf of the board by:
N. R. Elderton
Director
Company registration number: 00270228
Peermusic (UK) Limited - Group
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
103,762
127,650
Tangible assets
14
22,029
18,681
Investments
15
3,568,150
3,568,150
------------
------------
3,693,941
3,714,481
Current assets
Debtors
16
3,686,661
2,502,433
Cash at bank and in hand
9,568,517
7,737,118
-------------
-------------
13,255,178
10,239,551
Creditors: amounts falling due within one year
17
17,371,727
14,943,547
-------------
-------------
Net current liabilities
4,116,549
4,703,996
------------
------------
Total assets less current liabilities
( 422,608)
( 989,515)
Provisions
Taxation including deferred tax
18
3,305
( 40,878)
---------
---------
Net liabilities
( 425,913)
( 948,637)
---------
---------
Capital and reserves
Called up share capital
21
300
300
Profit and loss account
22
( 426,213)
( 948,937)
---------
---------
Shareholders deficit
( 425,913)
( 948,637)
---------
---------
The profit for the financial year of the parent company was £ 522,724 (2022: £ 62,677 loss).
These financial statements were approved by the board of directors and authorised for issue on 31 May 2024 , and are signed on behalf of the board by:
N. R. Elderton
Director
Company registration number: 00270228
Peermusic (UK) Limited - Group
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
322,900
( 274,642)
Adjustments for:
Depreciation of tangible assets
9,872
8,358
Amortisation of intangible assets
228,481
229,180
Income from interests in associates
( 41,214)
( 13,885)
Other interest receivable and similar income
( 138,838)
( 14,234)
Interest payable and similar expenses
231
18,452
Loss on disposal of tangible assets
835
Tax on profit/(loss)
167,042
2,846
Accrued income
( 807)
( 3,564)
Changes in:
Trade and other debtors
( 1,234,743)
779,201
Trade and other creditors
2,495,814
2,753,679
------------
------------
Cash generated from operations
1,808,738
3,486,226
Interest paid
( 231)
( 18,452)
Interest received
180,052
28,119
Tax received/(paid)
1
( 397)
------------
------------
Net cash from operating activities
1,988,560
3,495,496
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 13,220)
( 14,836)
Proceeds from sale of tangible assets
( 835)
Purchases of other investments
( 10)
------------
------------
Net cash used in investing activities
( 13,220)
( 15,681)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 400,000)
Proceeds from loans from group undertakings
( 34,457)
230,672
Proceeds from loans from participating interests
( 122,752)
234,613
------------
------------
Net cash (used in)/from financing activities
( 157,209)
65,285
------------
------------
Net increase in cash and cash equivalents
1,818,131
3,545,100
Cash and cash equivalents at beginning of year
7,755,272
4,210,172
------------
------------
Cash and cash equivalents at end of year
9,573,403
7,755,272
------------
------------
Peermusic (UK) Limited - Group
Notes to the Financial Statements
Year ended 31 December 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 23/24 George Street, Richmond upon Thames, Surrey, TW9 1HY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Peermusic (UK) Limited - Group and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
Copyrights
-
£1 nominal valuation
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvement to short leasehold property
-
Over the life of the lease
Plant & Equipment
-
25 - 33% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Royalties
20,878,272
16,440,237
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Management charges receivable
233,779
235,302
---------
---------
6. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
228,481
229,181
Depreciation of tangible assets
9,872
7,523
Loss on disposal of tangible assets
835
Foreign exchange differences
1,011
( 281)
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
23,610
23,610
--------
--------
Fees payable to the company's auditor and its associates for other services:
Audit of the financial statements of associates
6,600
6,600
Taxation compliance services
1,100
1,100
--------
--------
7,700
7,700
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
14
14
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
776,128
860,995
Social security costs
167,022
134,408
Other pension costs
32,442
29,875
---------
------------
975,592
1,025,278
---------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
359,002
395,722
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
359,002
395,722
---------
---------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
138,838
14,234
---------
--------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on debenture loans
231
18,452
----
--------
12. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense/(income)
121,822
2,846
Deferred tax:
Origination and reversal of timing differences
45,220
---------
-------
Tax on profit/(loss)
167,042
2,846
---------
-------
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
489,942
( 271,796)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
122,486
( 51,641)
Effect of expenses not deductible for tax purposes
7,404
6,246
Effect of capital allowances and depreciation
46,106
42,626
Effect of different UK tax rates on some earnings
45,220
Utilisation of tax losses
( 55,302)
( 7,209)
Unused tax losses
( 412)
12,682
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
1,540
142
---------
---------
Tax on profit/(loss)
167,042
2,846
---------
---------
13. Intangible assets
Group
Goodwill
Copyrights
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,045,933
1,917,231
3,963,164
------------
------------
------------
Amortisation
At 1 January 2023
1,022,965
1,085,286
2,108,251
Charge for the year
204,593
23,888
228,481
------------
------------
------------
At 31 December 2023
1,227,558
1,109,174
2,336,732
------------
------------
------------
Carrying amount
At 31 December 2023
818,375
808,057
1,626,432
------------
------------
------------
At 31 December 2022
1,022,968
831,945
1,854,913
------------
------------
------------
Company
Copyrights
£
Cost
At 1 January 2023 and 31 December 2023
1,209,937
------------
Amortisation
At 1 January 2023
1,082,287
Charge for the year
23,888
------------
At 31 December 2023
1,106,175
------------
Carrying amount
At 31 December 2023
103,762
------------
At 31 December 2022
127,650
------------
14. Tangible assets
Group
Short leasehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023
52,161
164,810
216,971
Additions
13,220
13,220
Disposals
( 46,883)
( 46,883)
--------
---------
---------
At 31 December 2023
52,161
131,147
183,308
--------
---------
---------
Depreciation
At 1 January 2023
46,609
151,681
198,290
Charge for the year
656
9,216
9,872
Disposals
( 46,883)
( 46,883)
--------
---------
---------
At 31 December 2023
47,265
114,014
161,279
--------
---------
---------
Carrying amount
At 31 December 2023
4,896
17,133
22,029
--------
---------
---------
At 31 December 2022
5,552
13,129
18,681
--------
---------
---------
Company
Short leasehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023
52,161
145,372
197,533
Additions
13,220
13,220
Disposals
( 46,883)
( 46,883)
--------
---------
---------
At 31 December 2023
52,161
111,709
163,870
--------
---------
---------
Depreciation
At 1 January 2023
46,609
132,243
178,852
Charge for the year
656
9,216
9,872
Disposals
( 46,883)
( 46,883)
--------
---------
---------
At 31 December 2023
47,265
94,576
141,841
--------
---------
---------
Carrying amount
At 31 December 2023
4,896
17,133
22,029
--------
---------
---------
At 31 December 2022
5,552
13,129
18,681
--------
---------
---------
15. Investments
Group
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
4,335
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 1 January 2023 and 31 December 2023
4,335
-------
At 31 December 2022
4,335
-------
Company
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
3,568,150
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 1 January 2023 and 31 December 2023
3,568,150
------------
At 31 December 2022
3,568,150
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Peer-Southern Productions Limited
23/24 George Street
Ordinary £1
100
Richmond upon Thames
Surrey
TW9 1HY
Paul Rodriguez Music Limited
Greyhound House
Ordinary £0.01
100
23/24 George Street
Richmond upon Thames
Surrey
TW9 1HY
Accorder Music Publishing Limited
Greyhound House
Ordinary £1
100
23/24 George Street
Richmond upon Thames
Surrey
TW9 1HY
Peermusic Accorder Library Limited
Ordinary £1
100
Other significant holdings
Dunmo Music Publishing Company Limited
Richmond upon Thames
Ordinary £1
50
Surrey
TW9 1HY
Donovan (Music) Limited
Richmond upon Thames
Ordinary £1
50
Surrey
TW9 1HY
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Amounts owed by group undertakings
2,960,367
1,976,518
2,970,682
2,031,951
Amounts owed by undertakings in which the company has a participating interest
8,449
Prepayments and accrued income
57,682
52,737
57,682
52,737
Other debtors
681,446
427,048
658,297
417,745
------------
------------
------------
------------
3,699,495
2,464,752
3,686,661
2,502,433
------------
------------
------------
------------
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
15,265,094
12,925,112
13,316,114
10,972,345
Amounts owed to group undertakings
196,215
230,672
3,084,155
3,160,118
Amounts owed to undertakings in which the company has a participating interest
223,832
346,584
223,832
346,584
Accruals and deferred income
38,606
39,413
32,006
32,813
Corporation tax
124,526
2,704
124,211
2,704
Social security and other taxes
592,975
441,093
589,410
426,984
Other creditors
5,949
1,999
1,999
1,999
-------------
-------------
-------------
-------------
16,447,197
13,987,577
17,371,727
14,943,547
-------------
-------------
-------------
-------------
18. Provisions
Group
Deferred tax (note 19)
£
At 1 January 2023
( 42,006)
Additions
45,220
--------
At 31 December 2023
3,214
--------
Company
Deferred tax (note 19)
£
At 1 January 2023
( 40,878)
Additions
44,183
--------
At 31 December 2023
3,305
--------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 18)
3,214
( 42,006)
3,305
( 40,878)
-------
--------
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
3,626
3,158
3,305
3,549
Unused tax losses
( 412)
( 45,164)
( 44,427)
-------
--------
-------
--------
3,214
(42,006)
3,305
(40,878)
-------
--------
-------
--------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 32,442 (2022: £ 29,875 ).
21. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----
22. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Capital reserve - This reserve records the nominal value of shares repurchased by the company.
23. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
7,755,272
1,818,131
9,573,403
Debt due within one year
(577,256)
157,209
(420,047)
------------
------------
------------
7,178,016
1,975,340
9,153,356
------------
------------
------------
24. Contingencies
(a) The Company is included within the Peermusic (UK) Group V.A.T. registration. As a result a contingent liability may arise for the United Kingdom V.A.T. due. (b) The Peermusic (UK) Limited Group has entered into a cross guarantee arrangement with its bankers. The companies included in this arrangement are:- Peermusic (UK) Limited Peer-Southern Productions Limited (c) The Company's bankers have a fixed charge over the intangible assets owned by the Company.
Peermusic (UK) Limited - Group
Notes to the Financial Statements (continued)
Year ended 31 December 2023
25. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Dunmo Music Publishing Company Limited
( 3,120)
8,492
( 14,584)
( 11,464)
Donovan (Music) Limited
125,870
( 243,104)
( 209,249)
( 335,119)
---------
---------
---------
---------
Company
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Dunmo Music Publishing Company Limited
( 3,120)
8,492
( 14,584)
( 11,464)
Donovan (Music) Limited
125,870
( 243,104)
( 209,249)
( 335,119)
---------
---------
---------
---------
Peermusic (UK) Limited owns 50% of the share capital of Dunmo Music Publishing Company Limited and Donovan (Music) Limited. Both of these companies are incorporated in England. The transactions were in respect of management charges. Dunmo Music Publishing Company Limited: The aggregate amount of the capital and reserves of the undertaking at 31st December 2023 was a surplus of £176 and its profit for that year ended was £3. Donovan (Music) Limited: The aggregate amount of the capital and reserves of the undertaking at 31st December 2023 was a surplus of £9,754 and its loss for that year ended was £291.
26. Controlling party
The Company is a wholly owned subsidiary of Peermusic III Ltd, a Company registered in the United States of America. The corporate office of Peermusic III Ltd is 2397 Shattuck Avenue, Berkeley, CA 94704, United States of America. The ultimate controlling party is the family of Mr and Mrs R.I. Peer II.
Peermusic (UK) Limited - Group
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
Peermusic (UK) Limited - Group
Company Detailed Income Statement
Year ended 31 December 2023
2023
2022
£
£
Turnover
17,470,952
13,229,360
Cost of sales
Royalties payable
15,216,148
11,581,509
Amortisation of intangible assets
23,888
24,588
-------------
-------------
15,240,036
11,606,097
-------------
-------------
Gross profit
2,230,916
1,623,263
Overheads
Distribution costs
177,071
151,332
Administrative expenses
2,477,531
2,332,480
-------------
-------------
2,654,602
2,483,812
Other operating income
932,279
787,002
-------------
-------------
Operating profit/(loss)
508,593
( 73,547)
Income from participating interests
41,214
13,885
Other interest receivable and similar income
138,838
14,234
Interest payable and similar expenses
(231)
(18,452)
---------
--------
Profit/(loss) before taxation
688,414
(63,880)
---------
--------
Peermusic (UK) Limited - Group
Notes to the Company Detailed Income Statement
Year ended 31 December 2023
2023
2022
£
£
Distribution costs
Advertising
42,821
35,610
Recording expenses
26,392
21,030
Travelling, entertaining & motor expenses
101,023
91,999
Exhibition & conference expenses
5,604
Postage, packaging & carriage
1,231
2,693
---------
---------
177,071
151,332
---------
---------
Administrative expenses
Directors salaries
359,002
395,722
Wages and salaries
312,837
318,361
Employers national insurance contributions
153,885
134,408
Staff pension contributions - defined contribution
26,945
23,194
Telecommunications
8,350
15,860
Rent & office expenses
239,609
193,988
Insurance
45,390
38,068
Equipment repairs and renewals
17,351
5,257
Printing postage and stationery
17,555
15,822
Training
804
681
Charitable donations (allowable)
4,593
Computer costs
24,167
14,805
Subscriptions and donations
18,748
18,028
General expenses
3,451
3,588
Legal and professional
85,628
82,791
Accounting & copyright services
954,048
894,258
Consultancy fees
173,468
149,673
Auditors remuneration
17,010
17,010
Depreciation
9,872
7,523
(Gain)/loss on disposal of tangible assets
835
Bank charges
3,807
2,889
Foreign currency gains/losses
1,011
(281)
------------
------------
2,477,531
2,332,480
------------
------------
Other operating income
Management charges receivable
932,279
787,002
---------
---------
Income from participating interests
Other income from interests in associates
41,214
13,885
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--------
Other interest receivable and similar income
Bank deposit interest
138,838
14,234
---------
--------
Interest payable and similar expenses
Interest on debenture loans
231
18,452
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--------