Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the company continued to be that of music production and music publishing.32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13049530 2023-04-01 2024-03-31 13049530 2022-04-01 2023-03-31 13049530 2024-03-31 13049530 2023-03-31 13049530 c:Director1 2023-04-01 2024-03-31 13049530 d:ComputerEquipment 2023-04-01 2024-03-31 13049530 d:ComputerEquipment 2024-03-31 13049530 d:ComputerEquipment 2023-03-31 13049530 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13049530 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13049530 d:OtherPropertyPlantEquipment 2024-03-31 13049530 d:OtherPropertyPlantEquipment 2023-03-31 13049530 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13049530 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13049530 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 13049530 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 13049530 d:CurrentFinancialInstruments 2024-03-31 13049530 d:CurrentFinancialInstruments 2023-03-31 13049530 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13049530 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13049530 d:ShareCapital 2024-03-31 13049530 d:ShareCapital 2023-03-31 13049530 d:SharePremium 2024-03-31 13049530 d:SharePremium 2023-03-31 13049530 d:RetainedEarningsAccumulatedLosses 2024-03-31 13049530 d:RetainedEarningsAccumulatedLosses 2023-03-31 13049530 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13049530 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13049530 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13049530 c:OrdinaryShareClass1 2024-03-31 13049530 c:OrdinaryShareClass1 2023-03-31 13049530 c:FRS102 2023-04-01 2024-03-31 13049530 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13049530 c:FullAccounts 2023-04-01 2024-03-31 13049530 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13049530 2 2023-04-01 2024-03-31 13049530 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13049530














PRE RIGHTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PRE RIGHTS LIMITED
REGISTERED NUMBER:13049530

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
  Note
£
£

Fixed assets
  

Intangible assets
 4 
30,000,000
30,000,000

Tangible assets
 5 
13,658
-

  
30,013,658
30,000,000

Current assets
  

Debtors: amounts falling due within one year
 6 
2,467,618
942,285

Cash at bank and in hand
 7 
526,006
1,119,581

  
2,993,624
2,061,866

Creditors: amounts falling due within one year
 8 
(892,349)
(1,124,378)

Net current assets
  
 
 
2,101,275
 
 
937,488

Total assets less current liabilities
  
32,114,933
30,937,488

Provisions for liabilities
  

Deferred tax
 9 
(3,415)
-

  
 
 
(3,415)
 
 
-

Net assets
  
32,111,518
30,937,488


Capital and reserves
  

Called up share capital 
 10 
200
200

Share premium account
  
29,999,900
29,999,900

Profit and loss account
  
2,111,418
937,388

  
32,111,518
30,937,488


Page 1

 
PRE RIGHTS LIMITED
REGISTERED NUMBER:13049530
    
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 8 form part of these financial statements.

Page 2

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

1.


General information

Pre Rights Limited is a private company, limited by shares, registered in England and Wales, registration number 13049530. 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 and music publishing.

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 period 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 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 and publishing are recognised when it is probable the company will receive the rights to the consideration under the contract.
Royalties receivable are recognised in respect of the royalty statement period ending within the company's financial period. 

 
2.4

Interest income

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

Page 3

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

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

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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The directors have determined that the residual value of the intangible asset is greater than the carrying amount and thus, the amortisation charge for the year is nil.
 
Page 4

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

2.Accounting policies (continued)

 
2.8

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:

Computer equipment
-
25%
straight-line
Music equipment
-
25%
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.

 
2.9

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.

 
2.10

 Cash

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

 
2.11

 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.

 
2.12

  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 and loans with related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 -2).

Page 5

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

4.


Intangible assets




Rights catalogue

£



Cost


At 1 April 2023
30,000,000



At 31 March 2024

30,000,000






Net book value



At 31 March 2024
30,000,000



At 31 March 2023
30,000,000




5.


Tangible fixed assets





Computer equipment
Music equipment
Total

£
£
£



Cost


Additions
17,547
664
18,211



At 31 March 2024

17,547
664
18,211



Depreciation


Charge for the year
4,387
166
4,553



At 31 March 2024

4,387
166
4,553



Net book value



At 31 March 2024
13,160
498
13,658



At 31 March 2023
-
-
-

Page 6

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

6.


Debtors

2024
2023
£
£


Trade debtors
316,208
113,522

Amounts owed by connected companies
2,017,057
697,381

Prepayments and accrued income
134,353
131,382

2,467,618
942,285



7.


Cash

2024
2023
£
£

Cash at bank
526,006
1,119,581

Less: bank overdrafts
(122)
-

525,884
1,119,581



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
122
-

Trade creditors
9,285
115,158

Amounts owed to connected companies
363,771
638,124

Corporation tax
382,481
59,335

Other taxation and social security
93,436
107,732

Other creditors
3,495
981

Accruals
39,759
203,048

892,349
1,124,378


On 25 October 2024, Coutts & Company registered a floating and fixed charge which contains negative pledges over all assets of the company in respect of all the amounts due from the company.
On the same date, Coutts & Company registered a fixed charge which contains negative pledges over the company’s contracts.
Page 7

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

9.


Deferred taxation




2024


£






Charged to profit or loss
3,415



At end of year
3,415

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
3,415
-


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 -200) ordinary shares of £1.00 each
200
200


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 £1,095 (2023 - £NIL). Included in other creditors at the year end there is an amount payable of £600 (2023 - £NIL).


12.


Related party transactions

No disclosure has been made in respect 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 Rights Holdings Limited.
 

13.


Post balance sheet events

Post balance sheet date, the company drew down a £7,000,000 loan.

 
Page 8