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Financial Statements |
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 |
Company detailed income statement |
27 |
Notes to the company detailed income statement |
28 |
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Strategic Report |
|
Director |
Registered office: |
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England |
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Directors' Report |
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Director |
Registered office: |
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England |
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Independent Auditor's Report to the Members of
|
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(Senior Statutory Auditor) |
For and on behalf of |
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Accountants, business advisers & statutory auditor |
8th Floor Becket House |
36 Old Jewry |
London |
EC2R 8DD |
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Consolidated Statement of Income and Retained Earnings |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Distribution costs |
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Administrative expenses |
|
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit/(loss) |
6 |
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(
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Income from interests in associates |
|
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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------------ |
------------ |
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Profit/(loss) before taxation |
|
(
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Tax on profit/(loss) |
12 |
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|
--------- |
--------- |
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Profit/(loss) for the financial year and total comprehensive income |
|
(
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--------- |
--------- |
||
Retained losses at the start of the year |
(
|
(
|
------------ |
------------ |
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Retained losses at the end of the year |
(
|
(
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------------ |
------------ |
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Company Statement of Income and Retained Earnings |
2023 |
2022 |
|
Note |
£ |
£ |
Profit/(loss) for the financial year and total comprehensive income |
|
(
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Retained losses at the start of the year |
(
|
(
|
--------- |
--------- |
|
Retained losses at the end of the year |
(
|
(
|
--------- |
--------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
|
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Tangible assets |
14 |
|
|
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Investments |
15 |
|
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|
------------ |
------------ |
|||
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|||
Debtors |
16 |
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Cash at bank and in hand |
|
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||
------------- |
------------- |
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|||
Creditors: amounts falling due within one year |
17 |
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------------- |
------------- |
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Net current liabilities |
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||
------------ |
------------ |
|||
Total assets less current liabilities |
(
|
(
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||
Taxation including deferred tax |
18 |
|
(
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------------ |
------------ |
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Net liabilities |
(
|
(
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||
------------ |
------------ |
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Called up share capital |
21 |
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Other reserves, including the fair value reserve |
22 |
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Profit and loss account |
22 |
(
|
(
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|
------------ |
------------ |
|||
Shareholders deficit |
(
|
(
|
||
------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
Investments |
15 |
|
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|
------------ |
------------ |
|||
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|||
Debtors |
16 |
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|
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Cash at bank and in hand |
|
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||
------------- |
------------- |
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|
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Creditors: amounts falling due within one year |
17 |
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------------- |
------------- |
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Net current liabilities |
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||
------------ |
------------ |
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Total assets less current liabilities |
(
|
(
|
||
Taxation including deferred tax |
18 |
|
(
|
|
--------- |
--------- |
|||
Net liabilities |
(
|
(
|
||
--------- |
--------- |
|||
Called up share capital |
21 |
|
|
|
Profit and loss account |
22 |
(
|
(
|
|
--------- |
--------- |
|||
Shareholders deficit |
(
|
(
|
||
--------- |
--------- |
|||
|
Director |
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit/(loss) for the financial year |
|
(
|
Adjustments for: |
||
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
|
|
Income from interests in associates |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
– |
|
Tax on profit/(loss) |
|
|
Accrued income |
(
|
(
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Changes in: |
||
Trade and other debtors |
(
|
|
Trade and other creditors |
|
|
------------ |
------------ |
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Cash generated from operations |
|
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Interest paid |
(
|
(
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Interest received |
|
|
Tax received/(paid) |
|
(
|
------------ |
------------ |
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Net cash from operating activities |
|
|
------------ |
------------ |
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Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
(
|
Purchases of other investments |
– |
(
|
------------ |
------------ |
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Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
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Proceeds from borrowings |
– |
(
|
Proceeds from loans from group undertakings |
(
|
|
Proceeds from loans from participating interests |
(
|
|
------------ |
------------ |
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Net cash (used in)/from financing activities |
(
|
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
7,755,272 |
4,210,172 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
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Notes to the Financial Statements |
Goodwill |
- |
Over 10 years |
|
Copyrights |
- |
£1 nominal valuation |
|
Improvement to short leasehold property |
- |
Over the life of the lease |
|
Plant & Equipment |
- |
25 - 33% Straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Royalties |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Management charges receivable |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
229,181
|
Depreciation of tangible assets |
|
7,523
|
Loss on disposal of tangible assets |
– |
|
Foreign exchange differences |
|
(
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Audit of the financial statements of associates |
|
|
Taxation compliance services |
|
|
-------- |
-------- |
|
7,700 |
7,700 |
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
--------- |
------------ |
|
|
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on debenture loans |
|
|
---- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense/(income) |
|
|
Origination and reversal of timing differences |
|
– |
--------- |
------- |
|
Tax on profit/(loss) |
|
|
--------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit/(loss) on ordinary activities before taxation |
|
(
|
--------- |
--------- |
|
Profit/(loss) on ordinary activities by rate of tax |
|
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Effect of different UK tax rates on some earnings |
45,220 |
– |
Utilisation of tax losses |
(
|
(
|
Unused tax losses |
(
|
|
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs |
|
|
--------- |
--------- |
|
Tax on profit/(loss) |
|
|
--------- |
--------- |
|
Group |
Goodwill |
Copyrights |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 and 31 December 2023 |
|
|
|
------------ |
------------ |
------------ |
|
Amortisation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
------------ |
------------ |
------------ |
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At 31 December 2023 |
|
|
|
------------ |
------------ |
------------ |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
------------ |
------------ |
------------ |
|
At 31 December 2022 |
|
|
1,854,913
|
------------ |
------------ |
------------ |
|
Company |
Copyrights |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------------ |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Carrying amount |
|
At 31 December 2023 |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Group |
Short leasehold property |
Equipment |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 December 2022 |
|
|
|
-------- |
--------- |
--------- |
|
Company |
Short leasehold property |
Equipment |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 December 2022 |
|
|
|
-------- |
--------- |
--------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
------- |
|
At 31 December 2022 |
|
------- |
|
Company |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------------ |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
23/24 George Street |
Ordinary £1 |
100 |
Richmond upon Thames |
|||
Surrey |
|||
TW9 1HY |
|||
|
Greyhound House |
Ordinary £0.01 |
100 |
23/24 George Street |
|||
Richmond upon Thames |
|||
Surrey |
|||
TW9 1HY |
|||
|
Greyhound House |
Ordinary £1 |
100 |
23/24 George Street |
|||
Richmond upon Thames |
|||
Surrey |
|||
TW9 1HY |
|||
|
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 |
|||
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Amounts owed by group undertakings |
|
|
|
|
Amounts owed by undertakings in which the company has a participating interest |
– |
|
– |
– |
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
Amounts owed to undertakings in which the company has a participating interest |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
Group |
Deferred tax (note 19) |
£ |
|
At 1 January 2023 |
(
|
Additions |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Company |
Deferred tax (note 19) |
£ |
|
At 1 January 2023 |
(
|
Additions |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 18) |
|
(
|
|
(
|
------- |
-------- |
------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Unused tax losses |
(
|
(
|
– |
(
|
------- |
-------- |
------- |
-------- |
|
3,214 |
(42,006) |
3,305 |
(40,878) |
|
------- |
-------- |
------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
300 |
300 |
300 |
300 |
---- |
---- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
---- |
---- |
---- |
---- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,818,131 |
|
Debt due within one year |
(577,256) |
157,209 |
(420,047) |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
|
(
3,120)
|
|
(
|
(
|
|
125,870 |
(
|
(
|
(
|
--------- |
--------- |
--------- |
--------- |
|
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
|
(
3,120)
|
|
(
|
(
|
|
125,870 |
(
|
(
|
(
|
--------- |
--------- |
--------- |
--------- |
|
|
Management Information |
|
Company Detailed Income Statement |
2023 |
2022 |
|
£ |
£ |
|
Turnover |
|
|
Royalties payable |
15,216,148 |
11,581,509 |
Amortisation of intangible assets |
23,888 |
24,588 |
------------- |
------------- |
|
15,240,036 |
11,606,097 |
|
------------- |
------------- |
|
Gross profit |
|
|
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) |
|
(
|
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) |
--------- |
-------- |
|
|
Notes to the Company Detailed Income Statement |
2023 |
2022 |
|
£ |
£ |
|
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 |
|
--------- |
--------- |
|
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 |
|
------------ |
------------ |
|
Management charges receivable |
932,279 |
787,002 |
--------- |
--------- |
|
Other income from interests in associates |
41,214 |
13,885 |
-------- |
-------- |
|
Bank deposit interest |
138,838 |
14,234 |
--------- |
-------- |
|
Interest on debenture loans |
231 |
18,452 |
---- |
-------- |
|