Company registration number 11072797 (England and Wales)
NPA MANAGEMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NPA MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
NPA MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of artist management and consultancy.
Review of the business
With the Covid recovery finally showing positive signs, 2022/23 saw a sharp rise in our touring activity with one of our artists, Chris Johnson, featured on both the Lady Gaga Chromatica Ball tour and the groundbreaking Taylor Swift Era's Tour.
The recording side saw global releases and industry accolades with the 2022 release of Top Gun: Maverick garnering two Grammy nominations from The Recording Academy for the lead single, Hold My Hand, which was performed by Lady Gaga and featured NPA artist, Chris Johnson. The two nominations were for Best Song for Written Visual Media and Best Compilation Soundtrack for Visual Media.
Chris also performed with Lady Gaga at the 95th Academy Awards to coincide with the The Oscar's Best Original Song nomination for Hold My Hand. The nominations follow the multiple Grammy wins for Lady Gaga and Bradley Cooper's 'A Star Is Born' album and soundtrack, which also featured Chris.
Another NPA artist, Hannah V, celebrated the hugely successful launch of Netflix' second season of Bridgerton, which featured her version of Rihanna's Diamonds. After her success as both a writer and producer, 22/23 saw her social media following rise to over 400k on Instagram alone and her Spotify monthly listeners surpass the 200k mark. Following the rise in her social media following, Hannah featured in a very successful influencer campaign for Ray-Ban and once again took the lead in DHL's global summer music partnership with UMG and Abbey Road Studios. Following Hannah's achievements with Bridgerton, Universal Music India then commissioned her to produce a whole instrumental EP of famous Bollywood tracks.
We anticipate material increases in royalty distributions for the master and publishing side of the business to begin in the following financial year for any of the aforementioned 22/23 releases.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr NCR Preston
Ms ME Keene
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary shares of £1 each
30 November 2023
30 November 2022
Mr NCR Preston
85
85
Ms ME Keene
10
10
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr NCR Preston
Director
21 August 2024
NPA MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
777
949
Current assets
Debtors
4
6,944
10,252
Cash at bank and in hand
4,510
12,717
11,454
22,969
Creditors: amounts falling due within one year
5
(20,082)
(16,337)
Net current (liabilities)/assets
(8,628)
6,632
Total assets less current liabilities
(7,851)
7,581
Creditors: amounts falling due after more than one year
6
(5,120)
(7,305)
Net (liabilities)/assets
(12,971)
276
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(13,071)
176
Total equity
(12,971)
276
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NPA MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr NCR Preston
Director
Company Registration No. 11072797
NPA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
NPA Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Commission income from contracts in accounted for on a receivable basis in accordance with the terms of the contracts and is calculated as a percentage of amounts paid to the artists during the year
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised immediately in profit or loss.
NPA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
NPA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2022 and 30 November 2023
1,727
Depreciation and impairment
At 1 December 2022
778
Depreciation charged in the year
172
At 30 November 2023
950
Carrying amount
At 30 November 2023
777
At 30 November 2022
949
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,177
5,752
Corporation tax recoverable
544
Other debtors
223
4,500
6,944
10,252
NPA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,185
2,131
Trade creditors
294
206
Corporation tax
544
Other taxation and social security
(3)
1,172
Other creditors
17,606
12,284
20,082
16,337
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,120
7,305
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Related party transactions
During the period, N Preston, a director, was repaid loans totalling £nil. Interest of £1,662 was charged on the outstanding loan balance. At the Balance Sheet date, the company owed the director £12,746 (2022: £11,084).
During the period, M Keene, a director, withdrew £3,000 from the company and repaid loans totalling £7,500. At the Balance Sheet date, the director owed the company £nil (2022: £4,500).
9
Control
The company is controlled by director Nicholas Preston who holds the majority of the shares in the company.