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Registered number: 07164315














PRE PRODUCTIONS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PRE PRODUCTIONS LIMITED
REGISTERED NUMBER:07164315

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,199,005
2,309,169

Investments
 6 
450,844
450,844

  
2,649,849
2,760,013

Current assets
  

Debtors: amounts falling due within one year
 7 
1,340,968
1,574,033

Cash at bank
 8 
445,569
316,297

  
1,786,537
1,890,330

Creditors: amounts falling due within one year
 9 
(2,158,845)
(1,294,841)

Net current (liabilities)/assets
  
 
 
(372,308)
 
 
595,489

Total assets less current liabilities
  
2,277,541
3,355,502

Creditors: amounts falling due after more than one year
 10 
(1,545,837)
(1,601,254)

Provisions for liabilities
  

Deferred tax
 11 
-
(125,846)

  
 
 
-
 
 
(125,846)

Net assets
  
731,704
1,628,402


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
731,604
1,628,302

  
731,704
1,628,402


Page 1

 
PRE PRODUCTIONS LIMITED
REGISTERED NUMBER:07164315
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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: 




P R Epworth
Director

Date: 25 November 2024

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

Page 2

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Pre Productions Limited is a private company, limited by shares, registered in England and Wales, registration number 07164315. 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, publishing and recording.

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.
The financial statements present information about the company as an individual and not about its group. The company and its subsidiary undertaking comprise a small - sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

 
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 'administrative 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 revenue 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, publishing and recording activities is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Royalties receivable are recognised at the year end date by the company.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities. 

Page 3

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

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.

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.

Page 4

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

 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:

Studio and property
-
2% straight-line
Plant and machinery
-
25% straight-line
Motor vehicles
-
15% straight-line
Computer equipment
-
25% straight-line
Other fixed assets
-
2% 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.

 
2.11

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

 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.

 
2.13

 Cash

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

 
2.14

 Creditors

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

 
2.15

 Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Dividends


During the year, dividends of £712,000 (2023 - £200,000) were paid.
 

5.


Tangible fixed assets





Studio and property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost 


At 1 April 2023
2,591,445
1,520,514
192,696
6,139
4,310,794


Additions
13,698
13,053
-
-
26,751



At 31 March 2024

2,605,143
1,533,567
192,696
6,139
4,337,545



Depreciation


At 1 April 2023
500,535
1,415,890
84,418
782
2,001,625


Charge for the year 
52,103
55,784
28,905
123
136,915



At 31 March 2024

552,638
1,471,674
113,323
905
2,138,540



Net book value



At 31 March 2024
2,052,505
61,893
79,373
5,234
2,199,005



At 31 March 2023
2,090,910
104,624
108,278
5,357
2,309,169

Page 6

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Investment in a subsidiary company
Unlisted investments
Total

£
£
£



Cost 


At 1 April 2023
100
600,000
600,100



At 31 March 2024

100
600,000
600,100



Impairment


At 1 April 2023
-
149,256
149,256



At 31 March 2024

-
149,256
149,256



Net book value



At 31 March 2024
100
450,744
450,844



At 31 March 2023
100
450,744
450,844


7.


Debtors

2024
2023
£
£


Trade debtors
-
13,848

Amounts owed by connected companies
446,579
653,355

Other debtors
3,582
7,010

Prepayments and accrued income
191,970
200,701

Tax recoverable
698,837
699,119

1,340,968
1,574,033



8.


Cash

2024
2023
£
£

Cash at bank
445,569
316,297


Page 7

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
64,176
58,098

Trade creditors
6,721
27,284

Amounts owed to connected companies
2,083,420
1,189,644

Other taxation and social security
-
3,135

Other creditors
22
12,123

Accruals
4,506
4,557

2,158,845
1,294,841



10.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,545,837
1,601,254


Barclays Bank PLC holds a charge over the asset of the company in respect of the bank loan.

The director has also provided a guarantee of £100,000 for the loan from Barclays Bank PLC.


11.


Deferred taxation




2024


£






At beginning of year
125,846


Charged to profit or loss
(125,846)



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed assets timing differences
-
125,846

Page 8

 
PRE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


13.


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 £3,153 (2023 - £3,723). Included in other creditors at the year end there is an amount payable of £NIL (2023 - £532).


14.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Pre Productions Holdings Limited.
 
Page 9