REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Rob Halford Music Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Rob Halford Music Ltd |
Rob Halford Music Ltd (Registered number: 01630842) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Rob Halford Music Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Hampstead Gate |
1 A Frognal |
Hampstead |
London |
NW3 6AL |
Rob Halford Music Ltd (Registered number: 01630842) |
Abridged Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Rob Halford Music Ltd (Registered number: 01630842) |
Abridged Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rob Halford Music Ltd (Registered number: 01630842) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Rob Halford Music Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Principal activity and turnover |
The company's principal activity is that of the assignment of recording and merchandising rights for the receipt of royalties. |
Turnover represents the amounts (excluding value added tax) derived from artists royalties. Revenue is recognised when the company becomes entitled to it - usually on the rendering of an invoice. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Copyright |
Copyrights are valued at cost. No depreciation has been provided on copyrights. |
Rob Halford Music Ltd (Registered number: 01630842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Land and buildings |
Chandler Boulevard has been valued in the accounts at cost. No depreciation has been provided on this as the market value of the property is considerably higher than its historic cost. |
Financial assets |
Basic financial assets, including trade and other receivables and cash & bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
Financial liabilities |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction price and subsequently measured at amortised cost. |
Derecognition of financial assets and liabilities |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Rob Halford Music Ltd (Registered number: 01630842) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 125 |
NET BOOK VALUE |
At 31 December 2023 | 125 |
At 31 December 2022 | 125 |
7. | RELATED PARTY DISCLOSURES |
Ebonytree Ltd (Incorporated in the UK) |
Fellow Subsidiary |
During the year, the company charged a management fee of £100,000 (2022 - £100,000) to fellow subsidiary, Ebonytree Limited. At the balance sheet date, the balance due to Ebonytree Limited was £557,813 (2022 - £815,559). At the balance sheet date, the company was owed £235,426 (2022 - £235,426) by Betaglow Limited, a subsidiary company. |
8. | ULTIMATE CONTROLLING PARTY |
Rob Halford Entertainment Limited owns 100% of the voting share capital of Rob Halford Music Limited and Ebonytree Limited. Rob Halford Music Limited owns 100% of the voting share capital of Betaglow Limited and 25% of Judas Priest Music Limited. |
The ultimate controlling party is Mr R Halford, by virtue of his ownership of 100% of the voting share capital of Rob Halford Entertainment Limited. |