Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-01-0122trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03671508 2023-01-01 2023-12-31 03671508 2022-01-01 2022-12-31 03671508 2023-12-31 03671508 2022-12-31 03671508 c:Director1 2023-01-01 2023-12-31 03671508 d:PlantMachinery 2023-01-01 2023-12-31 03671508 d:PlantMachinery 2023-12-31 03671508 d:PlantMachinery 2022-12-31 03671508 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03671508 d:CurrentFinancialInstruments 2023-12-31 03671508 d:CurrentFinancialInstruments 2022-12-31 03671508 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03671508 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03671508 d:ShareCapital 2023-12-31 03671508 d:ShareCapital 2022-12-31 03671508 d:RetainedEarningsAccumulatedLosses 2023-12-31 03671508 d:RetainedEarningsAccumulatedLosses 2022-12-31 03671508 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03671508 c:OrdinaryShareClass1 2023-12-31 03671508 c:OrdinaryShareClass1 2022-12-31 03671508 c:OrdinaryShareClass2 2023-01-01 2023-12-31 03671508 c:OrdinaryShareClass2 2023-12-31 03671508 c:OrdinaryShareClass2 2022-12-31 03671508 c:OrdinaryShareClass3 2023-01-01 2023-12-31 03671508 c:OrdinaryShareClass3 2023-12-31 03671508 c:OrdinaryShareClass3 2022-12-31 03671508 c:FRS102 2023-01-01 2023-12-31 03671508 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03671508 c:FullAccounts 2023-01-01 2023-12-31 03671508 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03671508 d:Subsidiary1 2023-01-01 2023-12-31 03671508 d:Subsidiary1 1 2023-01-01 2023-12-31 03671508 2 2023-01-01 2023-12-31 03671508 6 2023-01-01 2023-12-31 03671508 d:Associate1 2023-01-01 2023-12-31 03671508 d:Associate1 1 2023-01-01 2023-12-31 03671508 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03671508 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03671508 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03671508














FREAK'N SEE MUSIC LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FREAK'N SEE MUSIC LIMITED
REGISTERED NUMBER:03671508

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
706

Investments
 5 
804
804

  
804
1,510

Current assets
  

Debtors: amounts falling due within one year
 6 
117,974
123,911

Cash at bank
 7 
3,278
13,361

  
121,252
137,272

Creditors: amounts falling due within one year
 8 
(91,791)
(83,914)

Net current assets
  
 
 
29,461
 
 
53,358

Total assets less current liabilities
  
30,265
54,868

Provisions for liabilities
  

Deferred tax
 9 
-
(177)

  
 
 
-
 
 
(177)

Net assets
  
30,265
54,691


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
30,165
54,591

  
30,265
54,691


Page 1

 
FREAK'N SEE MUSIC LIMITED
REGISTERED NUMBER:03671508
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




S H C Bentolila
Director

Date: 13 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Freak'N See Music Limited is a private company, limited by shares, registered in England and Wales, registration number 03671508. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of music production, music publishing and music management and consulting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
 
Turnover from music production, music publishing and music management and consulting is recognised when it is probable the company will received the rights to the consideration due under the contract.

Royalties receivable are recognised in the accounting year in which it was received. 
Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33.3%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Associates

Associates are held at cost less impairment.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, loans with related parties and investments in ordinary shares.

 
2.14

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 January 2023
87,075


Disposals
(87,075)



At 31 December 2023

-





At 1 January 2023
86,369


Charge for the year
706


Disposals
(87,075)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
706


5.


Fixed asset investments





Investments in subsidiary company
Investments in associate
Total

£
£
£



Cost 


At 1 January 2023
802
2
804



At 31 December 2023
802
2
804






Net book value



At 31 December 2023
802
2
804



At 31 December 2022
802
2
804

Page 6

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Freak N See Music Inc.
600 Wilshire Blvd.,
Suite 500, Los Angeles, CA 90017.
Ordinary
100%


Associate


The following was an associate of the company:


Name

Registered office

Class of shares

Holding

3I Music Limited
Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
Ordinary
50%


6.


Debtors

2023
2022
£
£


Trade debtors
2,584
2,787

Amounts owed by group undertakings
90,109
86,909

Other debtors
5,833
10,367

Prepayments and accrued income
19,448
23,848

117,974
123,911



7.


Cash

2023
2022
£
£

Cash at bank
3,278
13,361

Less: bank overdrafts
(22)
-

3,256
13,361


Page 7

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
22
-

Trade creditors
27,758
24,936

Other taxation and social security
750
5,277

Other creditors
36,038
30,230

Accruals
27,223
23,471

91,791
83,914


Coutts & Co holds a charge containing a negative pledge over the assets of the company in respect of all the amounts due from the company. 
Heathmans Holdings Limited holds a charge by way of fixed charge all interest in the account and the deposit fund. 


9.


Deferred taxation




2023


£






At beginning of year
177


Charged to profit or loss
(177)



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
177


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



26 (2022 - 26) Ordinary A shares of £1.00 each
26
26
49 (2022 - 49) Ordinary B shares of £1.00 each
49
49
25 (2022 - 25) Ordinary C shares of £1.00 each
25
25

100

100


Page 8

 
FREAK'N SEE MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The company operates a defined contribution 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 £2,400 (2022 - £2,400).

12.


Transactions with directors

As at the year end, the company owed £14,910 (2022 - £4,756) to the directors. This loan is interest free and repayable on demand.
 
During the year, dividends of £NIL (2022 - £9,500) was paid to a director. 


13.


Related party transactions

As at the year end, a balance of £20,930 (2022 - 20,930) was due to a connected company. The loan is unsecured, interest free and repayable on demand.

 
Page 9