Registration number:
Ripple Productions Limited
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Ripple Productions Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Ripple Productions Limited
Company Information
Directors |
WG Wyman S Accosta-Wyman |
Registered office |
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Accountants |
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Ripple Productions Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax |
(317,514) |
(293,576) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Ripple Productions Limited
Statement of Financial Position as at 31 December 2023
Approved and authorised by the
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S Accosta-Wyman
Director
Company registration number: 02863267
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the ownership, production, promotion and publishing of music, film and books, and the licensing of music related memorabilia.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 31 December 2023 and had net assets at that date of £8,267,354 including cash at bank amounting to £2,072,728.
The company is very well established and the directors expect demand for the company's services to remain strong. They do not believe there will be any significant interruption to the company's income streams arising from the current economic conditions, especially with regard to royalty earnings, which have held up strongly since 31 December 2023.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has 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.
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year, exclusive of Value Added Tax.
Royalty income is recognised in the period in which it is earned as notified by third parties on an accruals basis. Fees for personal appearances and other licensing payments are recognised when contractually due. Shop sales are recognised when title to goods passes to the customer.
In respect of long-terms contracts and contracts for on-going services, turnover represented the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts for on-going services is recognised by reference to the stage of completion.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred are in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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:
Asset class |
Depreciation method and rate |
Leasehold properties |
Over the length of lease |
Memorabilia |
5% straight line |
Fixtures, fittings & equipment |
25% straight line |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures, Fittings & Equipment |
Memorabilia |
Total |
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Cost or fair value |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
Fair Value |
2023 |
At 1 January 2023 |
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Fair value adjustments |
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At 31 December 2023 |
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The investment properties are included at fair value at an amount of £1,925,000 as estimated by the directors, based upon a professional valuation.
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
Fixed Asset Investments |
£ |
Cost |
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At 1 January 2023 and 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
5,282,074 |
5,361,640 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
15,610 |
5,419 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Profit and Loss Account |
This reserve records retained earnings and accumulated losses. At 31 December 2023 an amount of £751,557 (2022: £676,556) is non-distributable.
Ripple Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.
The investment property, as disclosed in note 5, is registered in the name of a fellow subsidiary company as nominee for Ripple Productions Limited.