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REGISTERED NUMBER: 05919540 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 29 February 2024

for

Phantom Music Management Ltd

Phantom Music Management Ltd (Registered number: 05919540)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Phantom Music Management Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D Shackleton
R C Smallwood
A J Taylor
G J Podemsky
A G Wyllie





REGISTERED OFFICE: Matrix Studios
91 Peterborough Road
London
SW6 3BU





REGISTERED NUMBER: 05919540 (England and Wales)

Phantom Music Management Ltd (Registered number: 05919540)

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

D Shackleton
R C Smallwood
A J Taylor
G J Podemsky

Other changes in directors holding office are as follows:

E Stewart Lockhart - resigned 31 December 2023

A G Wyllie was appointed as a director after 29 February 2024 but prior to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE
During the year the company made charitable donations to the value of £1,535 (2023: £16,530). This includes £1,000 to Crisis UK and smaller donations to various chanties totalling £535. The donations were made as these are causes which the company believes in and supports.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A J Taylor - Director


28 November 2024

Phantom Music Management Ltd (Registered number: 05919540)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,639 52,974
Investments 5 291,045 211,045
352,684 264,019

CURRENT ASSETS
Debtors 6 8,562,954 6,856,460
Prepayments and accrued income 8,742 8,313
Cash at bank 7 102,601 219,138
8,674,297 7,083,911
CREDITORS
Amounts falling due within one year 8 4,279,196 2,785,907
NET CURRENT ASSETS 4,395,101 4,298,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,747,785

4,562,023

PROVISIONS FOR LIABILITIES 12,130 12,880
NET ASSETS 4,735,655 4,549,143

Phantom Music Management Ltd (Registered number: 05919540)

Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,735,555 4,549,043
SHAREHOLDERS' FUNDS 4,735,655 4,549,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





A J Taylor - Director


Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Phantom Music Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Phantom Music Management Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the normal amount received is recognised as interest income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Memorabilla is carried at the revaluation model, it is carried at fair value. The Memorabillia is not depreciated.

Plant and machinery etc- 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in a non-derivative financial instrument that is equity of the issuer is publicly traded or the fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Short term debtors, classified as receivable in one year, 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.

Short term creditors, classified as payable in one year, 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.

Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of elated assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment in subsidiaries and associates
Investment in subsidiaries, associate undertakings and jointly controlled entities are recognised at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 54,951
Additions 10,443
At 29 February 2024 65,394
DEPRECIATION
At 1 March 2023 1,977
Charge for year 1,778
At 29 February 2024 3,755
NET BOOK VALUE
At 29 February 2024 61,639
At 28 February 2023 52,974

5. FIXED ASSET INVESTMENTS
Other
investment
£   
COST
At 1 March 2023 211,045
Additions 80,000
At 29 February 2024 291,045
NET BOOK VALUE
At 29 February 2024 291,045
At 28 February 2023 211,045

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 4,073,041 2,769,240
Amounts owed by group undertakings 74,084 -
Other debtors 4,415,829 4,087,220
8,562,954 6,856,460

Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CASH AT BANK

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current liabilities.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 3,768,552 1,835,333
Amounts owed to group undertakings - 210,154
Taxation and social security 91,884 165,380
Other creditors 418,760 575,040
4,279,196 2,785,907

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 25,375 43,500
Between one and five years - 25,375
25,375 68,875

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

RESTATED: For past accounts filed incorrect disclosures have been made to related party transactions between the company and persons with significant control and influence and directors / shareholders of the company, no related party relationships existed. The current year comparatives have been updated to reflect the correct disclosure for YE 28 02 2023 under FRS 102 Section 1A.

In the year the following transactions occurred between a company in which owners (of Phantom Music Management Ltd) holding a participating interest also hold a participating interest

During the year Phantom Music Management Ltd was advanced £58,000 (2023: £220,000) and Phantom Music Management Ltd repaid £NIL (2023: £10,026). At the balance sheet date Phantom Music Management Ltd owes £306,974 (2023: £248,974). The amount is classified as current and repayable on demand, no interest is charged.

Phantom Music Management Ltd (Registered number: 05919540)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. ULTIMATE CONTROLLING PARTY

RESTATED: In past accounts incorrect disclosure had been made to ultimate controlling parties of the company. There are no ultimate controlling parties of the company due to the nature of the share ownership nor through any other powers.