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Registered number: 00764797














APPLE CORPS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
APPLE CORPS LIMITED
 
 
COMPANY INFORMATION


Directors
Y O Lennon 
O T Harrison 
B V Grakal 
L V Eastman 
S O Lennon 




Company secretary
J V Jones



Registered number
00764797



Registered office
27 Ovington Square

London

SW3 1LJ




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
APPLE CORPS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2
Directors' Responsibilities Statement
 
3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Statement of Financial Position
 
9
Company Statement of Financial Position
 
10
Consolidated Statement of Changes in Equity
 
11
Company Statement of Changes in Equity
 
11
Consolidated Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 27


 
APPLE CORPS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their strategic report for the year ended 31 January 2024.

Business review
 
The Group continues to exploit audio, visual and ancillary activities mainly relating to The Beatles. The impact of different releases in 2024 compared to 2023, exchange rate fluctuations and a non-recurring reduction of an expense in 2023 result in turnover decreasing from £27.3 million to £26.7 million and Group profit before taxation decreasing from £7.9 million to £6.6 million. 
The turnover and results of the joint venture were similar to the previous year. The live theatrical show operated in the US by the joint venture closed on 7 July 2024 and this will impact the results of the Group in subsequent years.
Ordinary dividends of £2 million (2023-  £16.6 million) were declared and paid during the year. Group net assets increased to £20.5 million (2023 - £17.5 million) and the financial position of the Group remains strong with no debt.

Principal risks and uncertainties
 
The directors consider that the principal risks and uncertainties faced by the group relate to the general state of the worldwide entertainment industry and the protection of copyrights.  
The directors confirm that, in accordance with the Companies Act 2006, they have considered and reviewed the provisions relating to the financial risk management and polices of the Group. As a result of the review, the directors have concluded that the Group will be able to continue funding its activities through its cash reserves, retained profits and cash flows from ongoing activities.

Financial key performance indicators
 
The directors consider turnover, profit, cash reserves and net assets to be the key performance indicators for the Group.


This report was approved by the board and signed on its behalf.



J V Jones
Secretary

Date: 9 October 2024

Page 1

 
APPLE CORPS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Results and dividends

The profit for the year, after taxation, amounted to £5,059,971 (2023 - £9,422,018).

Ordinary dividends of £2,000,000 (2023 – £16,618,000) were declared and paid during the year. The directors do not recommend a final dividend.

Directors

The directors who served during the year were as follows:

Y O Lennon 
O T Harrison 
B V Grakal 
L V Eastman 
S O Lennon 

Future developments

The Group will continue to develop opportunities relating to its principal business activities.

Directors' and officers' liability insurance

The Group maintains directors’ and officers’ liability insurance which gives appropriate cover for any legal action brought against its directors in respect of liabilities incurred as a result of their office, to the extent permitted by law. This insurance cover applied throughout the financial year ended 31 January 2024 and through to the date of this report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J V Jones
Secretary

Date: 9 October 2024

Page 2

 
APPLE CORPS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
APPLE CORPS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CORPS LIMITED
 

Opinion


We have audited the financial statements of Apple Corps Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


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 January 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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.


Page 4

 
APPLE CORPS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CORPS LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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 statementsour 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.


Opinion 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 Group 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 Group 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 Group 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.


Page 5

 
APPLE CORPS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CORPS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the audio and visual sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 
Page 6

 
APPLE CORPS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CORPS LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

9 October 2024
Page 7

 
APPLE CORPS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023
Note
£
£

Turnover
  

Group and share of joint ventures' turnover
  
45,898,276
47,266,682

Less: share of joint ventures' turnover
  
(19,211,811)
(20,013,420)

Group turnover
 4 
26,686,465
27,253,262

Cost of sales
  
-
(1,418,486)

Gross profit
  
26,686,465
25,834,776

Administrative expenses
  
(23,010,918)
(20,591,795)

Other operating income
 5 
1,189,200
1,268,000

Operating profit
 6 
4,864,747
6,510,981

Share of profit of joint venture
  
531,280
529,580

Share of profit of associates
  
834,509
874,561

Total operating profit
  
6,230,536
7,915,122

Interest receivable and similar income
 10 
414,669
42,007

Interest payable and similar expenses
  
(5,605)
-

Profit before taxation
  
6,639,600
7,957,129

Tax on profit
 11 
(1,579,629)
1,464,889

Profit for the financial year
  
5,059,971
9,422,018

  

Currency translation differences
  
(77,013)
121,336

Total comprehensive income for the year
  
4,982,958
9,543,354

  

The notes on pages 13 to 27 form part of these financial statements.

All amounts relate to continuing operations.

Page 8

 
APPLE CORPS LIMITED
REGISTERED NUMBER:00764797

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
1,451,698
1,485,094

Investments
 15 
2,308,107
1,880,462

  
3,759,805
3,365,556

Current assets
  

Debtors: amounts falling due within one year
 16 
13,273,873
12,326,179

Bank and cash balances
  
16,599,059
14,838,031

  
29,872,932
27,164,210

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(13,040,804)
(12,878,868)

Net current assets
  
 
 
16,832,128
 
 
14,285,342

Total assets less current liabilities
  
20,591,933
17,650,898

Provisions for liabilities
  

Deferred taxation
 18 
(130,075)
(171,998)

Net assets
  
20,461,858
17,478,900


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
  
20,461,758
17,478,800

  
20,461,858
17,478,900


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B V Grakal
Director

Date: 9 October 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
APPLE CORPS LIMITED
REGISTERED NUMBER:00764797

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
1,451,698
1,485,094

Investments
 15 
323,184
321,854

  
1,774,882
1,806,948

Current assets
  

Debtors: amounts falling due within one year
 16 
14,061,908
9,967,453

Bank and cash balances
  
11,077,129
13,101,931

  
25,139,037
23,069,384

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(10,254,788)
(10,162,450)

Net current assets
  
 
 
14,884,249
 
 
12,906,934

  

  

Net assets
  
16,659,131
14,713,882


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
  
16,659,031
14,713,782

  
16,659,131
14,713,882


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B V Grakal
Director

Date: 9 October 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
APPLE CORPS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
100
24,553,446
24,553,546



Profit for the year
-
9,422,018
9,422,018

Currency translation differences
-
121,336
121,336

Dividends: Equity capital
-
(16,618,000)
(16,618,000)



At 1 February 2023
100
17,478,800
17,478,900



Profit for the year
-
5,059,971
5,059,971

Currency translation differences
-
(77,013)
(77,013)

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


At 31 January 2024
100
20,461,758
20,461,858



 
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
100
23,042,749
23,042,849



Profit for the year
-
8,289,033
8,289,033

Dividends: Equity capital
-
(16,618,000)
(16,618,000)



At 1 February 2023
100
14,713,782
14,713,882



Profit for the year
-
3,945,249
3,945,249

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


At 31 January 2024
100
16,659,031
16,659,131


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
APPLE CORPS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,059,971
9,422,018

Adjustments for:

Depreciation of tangible assets
49,952
58,297

Interest payable
5,605
-

Interest receivable
(414,669)
(42,007)

Taxation charge
1,579,629
(1,464,889)

Increase in debtors
(3,894,589)
(3,833,685)

Increase/(decrease) in creditors
161,936
(21,818,430)

Share of operating profit in joint ventures
(531,280)
(529,580)

Share of operating profit in associates
(834,509)
(874,561)

Corporation tax received/(paid)
1,528,544
(2,795,963)

Foreign exchange
(54,758)
(2,343,851)

Tax credit receivable
-
2,899,457

Net cash generated from operating activities

2,655,832
(21,323,194)


Cash flows from investing activities

Purchase of tangible fixed assets
(16,556)
(14,776)

Interest received
414,669
42,007

Dividends from associates
707,400
704,000

Net cash from investing activities

1,105,513
731,231

Cash flows used in financing activities

Dividends paid
(2,000,000)
(16,618,000)

Interest paid
(5,605)
-

Net cash used in financing activities
(2,005,605)
(16,618,000)

Net increase/(decrease) in cash and cash equivalents
1,755,740
(37,209,963)

Cash and cash equivalents at beginning of year
14,838,031
49,614,785

Foreign exchange gains and losses
5,288
2,433,209

Cash and cash equivalents at the end of year
16,599,059
14,838,031


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
16,599,059
14,838,031


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Apple Corps Limited is a private limited liability company incorporated in England and Wales with its business and registered office address at 27 Ovington Square, London, SW3 1LJ.
The Group’s principal activities during the year continued to be the exploitation of the audio, visual and ancillary activities relating to The Beatles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The Group financial statements consolidate the financial statements of Apple Corps Limited and its subsidiary undertakings, drawn up to 31 January each year. No company Statement of Comprehensive Income is presented for Apple Corps Limited as permitted by section 408 of the Companies Act 2006.
Entities in which the Group holds an interest on a long-term basis and are jointly controlled by the Group and one or more other ventures under a contractual agreement are treated as joint ventures. 
Entities other than subsidiary undertakings or joint ventures, in which the Group has a participating interest and over whose operating and financial policies the Group exercises a significant influence are treated as associates. 

 
2.3

Associates and joint ventures

In the Group financial statements, interests in associated undertakings and joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the investee. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings and joint ventures are shown as the Group's share of the identifiable net assets.

 
2.4

Investments

In the parent Company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost.
The carrying values of fixed asset investments are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Page 13

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible fixed assets acquired separately from a business are capitalised at cost. They are amortised on a straight line basis over their estimated useful life.
The carrying value of intangible fixed assets is reviewed for impairment at the end of the first full year following acquisition and in other periods if events or changes in circumstances indicate the carrying value may not be recoverable.

  
2.6

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. 
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings      –  over 50 years
Fixtures, fittings and equipment   –  over 4 years
Website costs      –  over 3 years
Freehold land is not depreciated. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. 

 
2.7

Royalty income

Royalty income is accounted for on an accruals basis. Royalty audit claims are not booked as income until amounts arising from such claims are received by the group.

  
2.8

Returns

No provision is made for any reduction in royalties in subsequent periods as a result of the return of products sold in respect of which royalties would normally have been accounted for during the year. Any reductions are accounted for as a deduction from turnover in subsequent periods.

 
2.9

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on sufficient notice agreed in advance. 

 
2.11

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Page 14

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

Foreign currency translation

Functional and presentation currency
The Group's functional and presentational currency is £ Sterling.
Transactions and balances
 
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the Statement of Financial Position date. All differences are taken to the Consolidated Statement of Comprehensive Income.
The financial statements of overseas subsidiary undertakings and joint ventures are translated at the rate of exchange ruling at the Statement of Financial Position date. The exchange differences arising on the retranslation of opening net assets are recognised in other comprehensive income. All other translation differences are taken to the Consolidated Statement of Comprehensive Income.

 
2.14

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

 
2.15

Current and deferred taxation

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 Group operates and generates income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, tax with the following exceptions:
- provision is made for deferred tax that would arise on remittance of the retained earnings of subsidiaries, associates and joint ventures only to the extent that, at the Statement of Financial Position date, dividends have been accrued as receivable; and
- deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position  date.

 
2.16

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

Page 15

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.17

Affiliated Undertakings

In the financial statements, companies are described as affiliated to Apple Corps Limited if:
(i)  they have the same shareholders or ultimate shareholders as Apple Corps Limited; or
(ii)  the company is owned by one or more of the shareholders of Apple Corps Limited.

 
2.18

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. 
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

  
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Significant judgements and estimates

In preparing these financial statements, the directors have made judgments to determine whether there are indicators of impairment of the Group’s investments. This involved estimation of future cash flows expected to be generated by these investments and the selection of appropriate discount rates in order to calculate the net present value of those cash flows.


4.


Group turnover

Turnover represents income derived from the Group’s continuing ordinary activities, stated net of value added tax, and is accounted for on an accruals basis.
It is the opinion of the directors that, in view of the nature of the Group’s business, the markets in which it operates do not differ substantially from each other and are, therefore, treated as one market for the purposes of disclosing the particulars of turnover in these financial statements.

Page 16

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Other operating income

2024
2023
£
£

Administration fees receivable
1,189,200
1,268,000



6.


Operating profit

This is stated after charging:

2024
2023
£
£

Exchange differences
(8,519)
(2,187,410)

Other operating lease rentals
333
434


7.


Auditors' remuneration

2024
2023
£
£

Fees Payable to the Group's auditor in respect of:


Audit-related assurance services
35,000
35,000

Taxation compliance services
73,620
73,620

108,620
108,620


8.


Directors' remuneration

2024
2023
£
£

Fees
800,000
800,000

Other emoluments
129,885
132,413

929,885
932,413


The highest paid director received remuneration of £232,471 (2023 - £233,103).

Page 17

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,043,634
2,731,497

Social security costs
320,909
289,839

Cost of defined contribution scheme
37,068
34,376

3,401,611
3,055,712


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
17
16
17
16


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
408,169
42,007

Other interest
6,500
-

414,669
42,007

Page 18

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,286,467
1,312,301

Adjustments in respect of previous periods
45,407
(3,052,657)


Double taxation relief
(17,100)
(13,048)

Foreign tax


Foreign tax on income for the year
312,828
357,494

Foreign tax in respect of prior periods
(11,804)
(3,801)

Total current tax
1,615,798
(1,399,711)

Deferred tax


Origination and reversal of timing differences
(36,169)
(65,178)


Taxation on profit on ordinary activities
1,579,629
(1,464,889)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the composite (2022 - standard) rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
6,639,600
7,957,129


Profit on ordinary activities multiplied by the composite (2023- standard) rate of corporation tax in the UK of 24.03% (2023 - 19%)
1,595,496
1,511,855

Effects of:


Expenses not deductible for tax purposes
14,238
16,617

Depreciation for year in excess of capital allowances
49,167
94,103

Utilisation of tax losses
(29,913)
-

Overseas tax rate (less)/greater than the UK rate
(46,802)
32,671

Prior year under/(over) provision
33,603
(157,001)

Film Tax Credit in respect of prior period
-
(2,899,457)

Unrelieved tax losses carried forward
-
856

Movement in deferred tax
(36,169)
(65,178)

Other differences
9
645

Total tax charge for the year
1,579,629
(1,464,889)

Page 19

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Parent company profit for the year

The parent Company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Statement of Comprehensive Income in these financial statements.  The parent Company's profit for the year was £3,945,249 (2023 - £8,289,033).


13.


Intangible assets

Group and Company





Trademarks

£



Cost


At 1 February 2023
518,068



At 31 January 2024

518,068



Amortisation


At 1 February 2023
518,068



At 31 January 2024

518,068



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 20

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

Group and Company






Freehold property
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost 


At 1 February 2023
2,309,558
261,096
30,518
2,601,172


Additions
-
16,556
-
16,556



At 31 January 2024

2,309,558
277,652
30,518
2,617,728



Depreciation


At 1 February 2023
849,979
235,581
30,518
1,116,078


Charge for the year on owned assets
36,092
13,860
-
49,952



At 31 January 2024

886,071
249,441
30,518
1,166,030



Net book value



At 31 January 2024
1,423,487
28,211
-
1,451,698



At 31 January 2023
1,459,579
25,515
-
1,485,094

Page 21

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Fixed asset investments

Group





Investments in associates
Investments in joint ventures
Total

£
£
£



Cost 


At 1 February 2023
855,326
1,025,136
1,880,462


Foreign exchange movement
-
(34,297)
(34,297)


Dividends received
(707,400)
-
(707,400)


Share of profit
638,062
531,280
1,169,342



At 31 January 2024

785,988
1,522,119
2,308,107






Net book value



At 31 January 2024
785,988
1,522,119
2,308,107



At 31 January 2023
855,326
1,025,136
1,880,462

Page 22

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost 


At 1 February 2023
150,156
171,700
321,856


Additions
1,330
-
1,330



At 31 January 2024

151,486
171,700
323,186



Impairment


At 1 February 2023
2
-
2



At 31 January 2024

2
-
2



Net book value



At 31 January 2024
151,484
171,700
323,184



At 31 January 2023
150,154
171,700
321,854

Page 23

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

Subsidiary undertakings and participating interests


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Apple Corps Inc.
USA
Intermediate holding company
100%
Apple Show Inc.
USA
Intermediate holding company
100%
Python Music Limited
UK
Dormant
100%
Apple Films Production Limited
UK
Film Production
100%
Apple Films Production 64 Limited
UK
Film Production
100%

All shareholdings are ordinary shares or common stock.


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Apple Records Inc. (California)
USA
Exploitation of musical copyrights
100%
Apple Records Inc. (New York)
USA
Dormant
100%
Apple Music Publishing Company Inc.
USA
Dormant
100%
Apple Films Inc.
USA
Exploitation of film copyrights
100%


Associates


The following were associates of the Company:


Name

Principal activity

Class of shares

Holding

Maclen (Music) Limited+
Holding company
'C' ordinary shares
20%
Maclen Joint Limited+
Exploitation of music rights
Ordinary shares
20%
Subafilms Limited+
Marketing, production and distribution of films
Ordinary shares
23.9%

Maclen Joint Limited is held by an associated undertaking.
+ Year ended 31 December 2023

Page 24

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

Joint ventures


The following were joint ventures of the Company:


Name

Registered office

Principal activity

Holding

The Cirque Apple Creation Partnership+
Creation of musical performances
50%
Cirque Apple Las Vegas, L.L.C.*+
USA
Producing and presenting live shows
50%

+ Year ended 31 December 2023
* Held by a subsidiary undertaking.
The address of The Cirque Apple Creation Partnership is 27 Ovington Square, London SW3 1LJ.
The principal place of business of Cirque Apple Las Vegas, L.L.C. is 1151 Grier Drive, Suite C, Las Vegas, Nevada 89119, USA.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
2,979,801
1,238,408

Amounts owed by joint ventures and associated undertakings
1,676,377
768,273
1,542,751
647,755

Amounts owed by affiliated undertakings
204,442
205,984
15,013
10,000

Other debtors
1,080,300
919,363
1,079,925
793,437

Prepayments and accrued income
9,525,855
6,698,765
7,620,696
6,688,684

Corporation tax receivable
786,899
3,733,794
823,722
589,169

13,273,873
12,326,179
14,061,908
9,967,453



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts owed to group undertakings
-
-
-
334,593

Amounts owed to associated undertakings
1,097,996
1,078,451
65,357
45,812

Amounts owed to affiliated undertakings
388,327
394,548
422
-

Other taxation and social security
667,051
56,562
667,051
56,562

Accruals and deferred income
10,887,430
11,349,307
9,521,958
9,725,483

13,040,804
12,878,868
10,254,788
10,162,450


Page 25

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Deferred taxation


Group



2024


£






At beginning of year
171,998


Released to profit or loss
(36,169)


Foreign exchange movement
(5,754)



At end of year
130,075

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
130,075
171,998


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



20.


Contingent liabilities

The Group and Company are involved in various disputes in the ordinary course of business and, as at 31 January 2024, the directors are of the opinion that none of the claims or disputes of which they are aware will result in a material loss to the Group or Company. 


21.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,068 (2023 - £34,376).

Page 26

 
APPLE CORPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Related party transactions

Amounts charged to the Consolidated Statement of Comprehensive Income include aggregate fees of  £4,162,875 each (2023 - £4,247,000) payable to the beneficial shareholders (Sir JP McCartney, Sir R Starkey, Mrs YO Lennon and Mrs OT Harrison) and their related companies in connection with the provision of promotional services and name and likeness rights.  At the Statement of Financial Position date, the Group owed £8,860,900 (2023 - £8,609,400) to the shareholders and their related companies.

During the year, the Company paid dividends of £500,000 (2023 - £4,154,500) to Mrs Y O Lennon, a director of the Company.


23.


Key management compensation

During the year, the Company paid compensation of £2,539,490 (2023 - £2,296,620) to its key management personnel.


24.


Subsequent events

In April 2024, the Group was informed that the live theatrical show operated under a joint venture would close with effect from 7 July 2024.  

 
Page 27