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Registered number: 02695143









RAYMOND GUBBAY LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RAYMOND GUBBAY LIMITED
 
 
COMPANY INFORMATION


Directors
A J H Findlay 
M S Cavell 
J Marks 
S Thwaites 




Company secretary
D Eagers



Registered number
02695143



Registered office
2 Canal Reach
C/O Sony Music Entertainment Limited

London

N1C 4DB




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS




Bankers
National Westminster Bank plc
Knightsbridge Commercial Office

2nd Floor

180 Brompton Road

London

SW13 1HL





 
RAYMOND GUBBAY LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Statement of Financial Position
 
9
Statement of Cash Flows
 
10
Analysis of Net Debt
 
11
Notes to the Financial Statements
 
12 - 27


 
RAYMOND GUBBAY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the company for the year ended 31 March 2024.
The company continues to present a wide range of entertainment: concerts, cross over artists, special events and light trails and is established as a leading producer and promoter of such events both in the UK and more globally.

Business review
 
We are delighted to report that the financial year 2023/24 delivered the highest level of profit in our history of £5,688,331. This has been achieved through the continued expansion of Light Trails throughout the world, with growth to 4 major Australian cities and strong delivery from concerts and tours where core product continued to expand.
 
Costs for Backyard Cinema, a subsidiary company, have been restructured with a strategic plan being implemented to return the company to profitability and significantly reduced funding requirement.
 
The company remains ambitious with plans for growth being implemented. We will continue to evaluate risk and  explore new opportunities.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to weather, competition from other organisers, venue availability and the general economic climate. These risks are mitigated by geographical expansion by the company into different markets and economies worldwide and also long term contractual agreements with venues and co promoters.    

Financial key performance indicators
 
The company's directors monitor its key performance indicators through development, performance, and position of the business. Margins are monitored regularly during the year for each event that the company produces. For new business, reviews are conducted to ensure that profitability is consistent with the rest of the business. Cash flow forecasts are closely monitored to ensure adequate liquidity and to support the company's ongoing operations effectively. Gross profit margins have improved this year 42% (2023:  29%) which was achieved  due to high levels of demand in new territories and  internal efficiencies with effective cost control measures.


This report was approved by the board on 3 December 2024 and signed on its behalf.



J Marks
Director

Page 1

 
RAYMOND GUBBAY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

A J H Findlay 
M S Cavell 
J Marks 
S Thwaites 

Dividends

The profit for the year, after taxation, amounted to £5,688,331 (2023 - loss £3,766,913).

No ordinary dividend has been declared and paid during the year (2023: £nil).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Charitable contributions

During the year the company made charitable contributions of £nil (2023: £nil).

Future developments

The company continues to remain profitable and has secured locations for its productions for the foreseeable
future.

Page 2

 
RAYMOND GUBBAY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the company since the year end.

Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The
main purpose of these instruments is to finance the company's operations. Due to the nature of the financial
instruments used by the company, there is no exposure to price risk. The company's approach to managing
other risks applicable to the financial statements concerned is shown below.
In respect of bank balances, liquidity risk is managed by undertaking careful cashflow forecasting and
management. Trade debtors are managed in respect of credit and cash flow risks by policies concerning the
credit offered to customers and the regulary monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Stategic report 
The group has chosen in accordance with Companies Act 2006, section 414C to set out in the group's strategic report information by the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the strategic Report. The matters covered in the strategic report are financial risk management, current business development and business performance. 

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 December 2024 and signed on its behalf.
 





J Marks
Director

Page 3

 
RAYMOND GUBBAY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND GUBBAY LIMITED
 

Opinion


We have audited the financial statements of Raymond Gubbay Limited (the 'company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
RAYMOND GUBBAY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND GUBBAY LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
RAYMOND GUBBAY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND GUBBAY LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance;
• results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to timing of revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
In addition, we considered other laws and regulations that could have an effect on the Company and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
 
Page 6

 
RAYMOND GUBBAY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYMOND GUBBAY LIMITED (CONTINUED)


• enquiring of management concerning actual and potential litigation and claims;
• assessing the appropriateness and where appropriate with third parties concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and correspondence with HMRC;
• in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anthony Pins (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

3 December 2024
Page 7

 
RAYMOND GUBBAY LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,603,213
26,501,333

Cost of sales
  
(17,601,083)
(18,880,571)

Gross profit
  
13,002,130
7,620,762

Administrative expenses
  
(4,679,211)
(4,460,466)

Other operating income
  
81,961
72,158

Operating profit
 5 
8,404,880
3,232,454

Impairment of investment and intercompany loan
  
(869,597)
(6,586,387)

Interest receivable and similar income
 9 
141,920
29,469

Interest payable and similar expenses
 10 
(1,067)
(1,663)

Profit/(loss) before tax
  
7,676,136
(3,326,127)

Tax on profit/(loss)
 11 
(1,987,805)
(440,786)

Profit/(loss) after tax
  
5,688,331
(3,766,913)

  

  

Retained earnings at the beginning of the year
  
6,813,212
10,580,125

Profit/(loss) for the year
  
5,688,331
(3,766,913)

Retained earnings at the end of the year
  
12,501,543
6,813,212
The notes on pages 12 to 27 form part of these financial statements.

Page 8

 
RAYMOND GUBBAY LIMITED
REGISTERED NUMBER: 02695143

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,038,136
1,477,526

Fixed asset investments
 13 
619,806
619,806

  
1,657,942
2,097,332

Current assets
  

Stocks
 14 
13,718
9,112

Debtors: amounts falling due within one year
 15 
7,817,080
8,707,961

Cash at bank and in hand
 16 
10,094,483
2,220,466

  
17,925,281
10,937,539

Creditors: amounts falling due within one year
 17 
(6,809,777)
(5,836,290)

Net current assets
  
 
 
11,115,504
 
 
5,101,249

Total assets less current liabilities
  
12,773,446
7,198,581

Creditors: amounts falling due after more than one year
 18 
-
(11,000)

Provisions for liabilities
  

Deferred tax
 20 
(221,903)
(324,369)

  
 
 
(221,903)
 
 
(324,369)

Net assets
  
12,551,543
6,863,212


Capital and reserves
  

Called up share capital 
 21 
32,000
32,000

Other reserves
 22 
18,000
18,000

Profit and loss account
 22 
12,501,543
6,813,212

  
12,551,543
6,863,212


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2024.




J Marks
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
RAYMOND GUBBAY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
5,688,331
(3,766,913)

Adjustments for:

Depreciation of tangible assets
474,543
358,389

Impairment of loans and fixed asset investment
869,597
6,586,387

Loss on disposal of tangible assets
14,248
118,895

Interest paid
1,067
1,663

Interest received
(141,920)
(29,469)

Taxation charge
1,987,805
440,786

Increase in stocks
(4,606)
(9,112)

Decrease/(increase) in debtors
212,097
(3,506,420)

Increase in amounts owed by groups
(515,545)
(1,104,320)

Increase/(decrease) in creditors
69,429
(2,195,507)

Corporation tax paid
(852,726)
(688,733)

Net cash generated from operating activities

7,802,320
(3,794,354)


Cash flows from investing activities

Purchase of tangible fixed assets
(49,401)
(1,133,401)

Purchase of fixed asset investments
-
(619,740)

Interest received
123,626
16,340

HP interest paid
(918)
(1,072)

Net cash from investing activities

73,307
(1,737,873)

Cash flows from financing activities

Repayment of finance leases
(1,461)
(1,460)

Interest paid
(149)
(591)

Net cash used in financing activities
(1,610)
(2,051)

Net increase/(decrease) in cash and cash equivalents
7,874,017
(5,534,278)

Cash and cash equivalents at beginning of year
2,220,466
7,754,744

Cash and cash equivalents at the end of year
10,094,483
2,220,466


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,094,483
2,220,466


Page 10

 
RAYMOND GUBBAY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

2,220,466

7,874,017

10,094,483

Finance leases

(12,461)

1,461

(11,000)


2,208,005
7,875,478
10,083,483

The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Raymond Gubbbay Limited is a private company limited by shares and incorporated in England and Wales. The address of its principal place of business is 2 Canal Reach, C/O Sony Entertainment Limited, London, N1C 4DB.

Information about the principal activity of the company can be found in the Business Review section of the Strategic Report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Revenue comprises the company's share of box office income that is recognised when a show takes place which it has produced, either alone or jointly with a third party, exclusive of VAT and trade discounts.

When the company acts as principal it recognises 100% of the box office income when the show takes place. An adjustment is made subsequently to ensure the company's share of income, as outlined in the production agreement, is recognised.

When the company is not acting as principal the company invoices for its share of overall profits when the show takes place. An adjustment is made subsequently to ensure the company's share of income, as outlined in the production agreement, is recognised.
Revenue generated from catering and sale of stock is recognised at the point of sale when payments are made.

Income received relating to shows that take place outside of the period under review is deferred.

  
2.3

Production costs

Production costs comprise expenditure incurred in the staging of the productions and events that the company produced during the period. These costs are recognised in the Statement of Income and Retained Earnings in the period the production occurs. Costs are stated net of any tax credits receivable on qualifying expenditure.

Page 12

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

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.

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
-
33% on cost
Motor vehicles
-
33% on cost
Fixtures, fittings and equipment
-
20-33% on cost
Music library
-
10% on cost
Costumes
-
25% on cost

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 13

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Cash at bank

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

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.11

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.

 
2.12

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP rounded to the nearest pound. 
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.

  
2.13

Consolidated financial statements

The financial statements contain information about Raymond Gubbay Limited as an individual company and do not contain consolidated financial information as the parent of a group. The results of the company and its subsidiaries are included in the financial statements of Sony Group Corporation, a company incorporated in Japan. The directors consider the financial statements of Sony Group Corporation, prepared under US Generally Accepted Accounting Practices, to be equivalent to the requirements of the 7th EU Directive in all material respects and have therefore taken advantage of Companies Act 2006, Section 401 as revised, and not prepared consolidated financial statements.  

Page 14

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.16

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

Page 15

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Accruals
The company makes an estimate of accrued income and costs at the reporting date based on detailed production budgets for those shows that took place during the period.

Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.
Impairment of Investments
The Company makes an annual estimate of the recoverable value of its investments in subsidiaries. When assessing impairment, management considers the subsidiary's most recent financial performance and forecasts.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
23,890,705
22,829,686

Outside United Kingdom
6,712,508
3,671,647

30,603,213
26,501,333


Page 16

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
83,340
(179,285)

Other operating lease rentals
295,793
29,664

Depreciation
474,543
358,389

686,996
567,338


6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
20,000
19,500

Page 17

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,756,884
2,626,146

Social security costs
239,556
285,881

Cost of defined contribution scheme
168,017
151,745

3,164,457
3,063,772


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration, finance and marketing
17
15



Operations
16
16

33
31

Key Management Personnel
Key management are the senior members of the events team and the company's directors. The compensation paid or payable to key management for employees services in the year was £1,584,743    (2023: £1,348,470).


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
988,304
857,986

Company contributions to defined contribution pension schemes
32,399
26,392

1,020,703
884,378


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £649,260 (2023 - £570,306).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,571 (2023 - £2,691).

Page 18

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
141,920
29,469


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
918
1,072

Other interest payable
149
591

1,067
1,663


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,105,066
280,524

Adjustments in respect of previous periods
(14,795)
(17,497)


Total current tax
2,090,271
263,027

Deferred tax


Origination and reversal of timing differences
(102,466)
177,759

Total deferred tax
(102,466)
177,759


Taxation on profit on ordinary activities
1,987,805
440,786
Page 19

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
7,676,136
(3,326,127)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,919,034
(631,964)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,484
26,170

Capital allowances for year in excess of depreciation
(4,644)
(30,651)

Adjustments to tax charge in respect of prior periods
(14,795)
(17,497)

Impairment charges
217,399
1,251,414

Orchestral tax relief
(153,673)
(156,686)

Total tax charge for the year
1,987,805
440,786


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Costumes
Computer equipment
Music library
Total

£
£
£
£
£
£



Cost 


At 1 April 2023
19,620
1,865,617
57,095
81,318
182,320
2,205,970


Additions
-
42,698
-
6,703
-
49,401


Disposals
-
(16,614)
-
-
-
(16,614)



At 31 March 2024

19,620
1,891,701
57,095
88,021
182,320
2,238,757



Depreciation


At 1 April 2023
7,894
460,511
56,003
54,023
150,013
728,444


Charge for the year on owned assets
-
447,130
1,092
12,695
7,083
468,000


Charge for the year on financed assets
6,543
-
-
-
-
6,543


Disposals
-
(2,366)
-
-
-
(2,366)



At 31 March 2024

14,437
905,275
57,095
66,718
157,096
1,200,621



Net book value



At 31 March 2024
5,183
986,426
-
21,303
25,224
1,038,136



At 31 March 2023
11,726
1,405,106
1,092
27,295
32,307
1,477,526

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
5,183
11,726

Page 21

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost 


At 1 April 2023
1,412,354
1
1,412,355



At 31 March 2024

1,412,354
1
1,412,355



Impairment


At 1 April 2023
792,549
-
792,549



At 31 March 2024

792,549
-
792,549



Net book value



At 31 March 2024
619,805
1
619,806



At 31 March 2023
619,805
1
619,806


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Raymond Gubbay Productions Limited
United Kingdom
Ordinary
100%
Manchester Chamber Orchestra Limited
United Kingdom
Ordinary
100%
Manchester Concert Orchestra Limited
United Kingdom
Ordinary
60%
Backyard Cinema Limited
United Kingdom
Ordinary
51%
Culture Creative Limited
United Kingdom
Ordinary
75%

Page 22

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Raymond Gubbay Productions Limited
2
-

Manchester Chamber Orchestra Limited
2
-

Manchester Concert Orchestra Limited
100
-

Backyard Cinema Limited
(6,862,505)
(1,526,727)

Culture Creative Limited
359,983
244,399


14.


Stocks

2024
2023
£
£

Goods for resale
13,718
9,112



15.


Debtors

2024
2023
£
£


Trade debtors
2,039,902
1,567,827

Amounts owed by group undertakings
251,123
606,118

Other debtors
1,292,584
1,478,801

Prepayments and accrued income
4,233,471
5,055,215

7,817,080
8,707,961


Amounts owed by group undertakings are interest free and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
10,094,483
2,220,466


Page 23

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
594,141
1,278,820

Amounts owed to group undertakings
583,036
583,979

Corporation tax
894,001
-

Other taxation and social security
617,954
368,318

Obligations under finance lease and hire purchase contracts
11,000
1,461

Other creditors
1,062
4,512

Accruals and deferred income
4,108,583
3,599,200

6,809,777
5,836,290


Amounts owed to group undertakings are interest free and repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
11,000


Amounts due in respect of finance leases and hire purchase contracts are secured on the underlying assets.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
11,000
1,461

Between 1-5 years
-
11,000

11,000
12,461

Page 24

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Deferred taxation




2024


£






At beginning of year
324,369


Charged to profit or loss
(102,466)



At end of year
221,903

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
221,903
324,369


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24,032 (2023 - 24,032) A Ordinary shares of £1.00 each
24,032
24,032
6,367 (2023 - 6,367) B1 Ordinary shares of £1.00 each
6,367
6,367
1,601 (2023 - 1,601) B2 Ordinary shares of £1.00 each
1,601
1,601

32,000

32,000

The A, B1 and B2 shares constitute separate classes of shares but, other than expressly provided for in the company's Articles of Association rank pari passu in all respects.



22.


Reserves

Profit and loss account

Cumulative profit and loss net of distributions to shareholders.  

Page 25

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Contingent liabilities

The company purchased majority shareholdings in Backyard Cinema Limited and Culture Creative Limited, two companies incorporated and registered in the UK.  As outlined in both sale and purchase agreements, there is potential deferred consideration if  the companies achieve future financial targets. The probability and potential quantity of that consideration can not be reliably measured at the reporting date. The company however has sufficient financial resource to cover the deferred consideration in the future.   


24.


Pension commitments

The company operates a defined contribution pension 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 £168,017 (2023: £151,745). At the reporting date no amounts were owed to the fund. 


25.


Commitments under operating leases

At 31 March 2024 the company didn't have any future lease payments due under non-cancellable operating leases.

2024
2023
£
£


Not later than 1 year
47,920
47,920

Later than 1 year and not later than 5 years
52,433
100,444

Total land and buildings
100,353
148,364

2024
2023

£
£


Not later than 1 year
8,425
10,161

Later than 1 year and not later than 5 years
3,198
11,638

Total other
11,623
21,799

Page 26

 
RAYMOND GUBBAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Related party transactions

The company is a wholly owned subsidiary within a group for which consolidated financial statements are publicly available and accordingly has taken advantage of the exemptions provided by Financial Reporting Standard 102 not to disclose transactions with the other group entities including its parent and fellow subsidiary undertakings.
At the reporting date the company was owed £6,663,435 (2023: £5,793,838) from Backyard Cinema Limited, a subsidiary company in which Raymond Gubbay Limited has a controlling interest. Due to the company's continued poor performance and negative liabilities position at the reporting date, the company has taken the view that the intercompany balance and the initial investment in the subsidiary should be impaired in full. This has created a debit to profit and loss totalling £869,597 (2023: £6,586,387).
During the prior year the company acquired a controlling interest in Culture Creative Limited. During the year the company made purchases of £7,090,534 (2023: £11,719,243) from Culture Creative Limited. At the reporting date the company owed amounts totalling £17,243 (2023: company was owed £606,118).There is no formal loan agreement and as such the loan is unsecured, interest free and has been disclosed as repayable on demand.


27.


Controlling party

The company's immediate parent undertaking is Sony Music Entertainment International Limited, a company incorporated in England and Wales. The ultimate parent company and controlling party is Sony Corporation, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Sony Corporation financial statements can be obtained from 7-1, Konan 1-chome, Minato-ku, Tokyo, 108-0075.

 
Page 27