Silverfin false false 30/06/2024 01/07/2023 30/06/2024 M Jowett 28/04/2017 T N Mcbride 21/06/2001 S W Cotton 28/04/2017 17 December 2024 The principal activity of the company is that of music industry band management. 04160312 2024-06-30 04160312 bus:Director1 2024-06-30 04160312 bus:Director2 2024-06-30 04160312 bus:Director3 2024-06-30 04160312 2023-06-30 04160312 core:CurrentFinancialInstruments 2024-06-30 04160312 core:CurrentFinancialInstruments 2023-06-30 04160312 core:Non-currentFinancialInstruments 2024-06-30 04160312 core:Non-currentFinancialInstruments 2023-06-30 04160312 core:ShareCapital 2024-06-30 04160312 core:ShareCapital 2023-06-30 04160312 core:RetainedEarningsAccumulatedLosses 2024-06-30 04160312 core:RetainedEarningsAccumulatedLosses 2023-06-30 04160312 core:PlantMachinery 2023-06-30 04160312 core:OtherPropertyPlantEquipment 2023-06-30 04160312 core:PlantMachinery 2024-06-30 04160312 core:OtherPropertyPlantEquipment 2024-06-30 04160312 2023-07-01 2024-06-30 04160312 bus:FilletedAccounts 2023-07-01 2024-06-30 04160312 bus:SmallEntities 2023-07-01 2024-06-30 04160312 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04160312 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04160312 bus:Director1 2023-07-01 2024-06-30 04160312 bus:Director2 2023-07-01 2024-06-30 04160312 bus:Director3 2023-07-01 2024-06-30 04160312 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 04160312 core:PlantMachinery 2023-07-01 2024-06-30 04160312 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 04160312 2022-07-01 2023-06-30 04160312 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 04160312 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 04160312 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 04160312 (England and Wales)

NETTWERK MUSIC (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

NETTWERK MUSIC (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

NETTWERK MUSIC (UK) LIMITED

BALANCE SHEET

As at 30 June 2024
NETTWERK MUSIC (UK) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 48,759 100,323
48,759 100,323
Current assets
Debtors 4 1,877,824 1,244,015
Cash at bank and in hand 5 2,006,106 1,688,857
3,883,930 2,932,872
Creditors: amounts falling due within one year 6 ( 2,518,459) ( 1,810,606)
Net current assets 1,365,471 1,122,266
Total assets less current liabilities 1,414,230 1,222,589
Creditors: amounts falling due after more than one year 7 ( 38,336) ( 35,404)
Net assets 1,375,894 1,187,185
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 1,374,894 1,186,185
Total shareholder's funds 1,375,894 1,187,185

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Nettwerk Music (UK) Limited (registered number: 04160312) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Jowett
Director

17 December 2024

NETTWERK MUSIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
NETTWERK MUSIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nettwerk Music (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 15 Adeline Place, 3rd Floor, London 15 Adeline Place, 3rd Floor, London, WC1B 3AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 4 years straight line
15 % reducing balance
Other property, plant and equipment 3.6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents 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 in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 8 8

3. Tangible assets

Plant and machinery Other property, plant
and equipment
Total
£ £ £
Cost
At 01 July 2023 49,372 168,400 217,772
Additions 14,198 0 14,198
Disposals ( 7,493) 0 ( 7,493)
At 30 June 2024 56,077 168,400 224,477
Accumulated depreciation
At 01 July 2023 29,588 87,861 117,449
Charge for the financial year 11,057 49,603 60,660
Disposals ( 2,391) 0 ( 2,391)
At 30 June 2024 38,254 137,464 175,718
Net book value
At 30 June 2024 17,823 30,936 48,759
At 30 June 2023 19,784 80,539 100,323
Leased assets included above:
Net book value
At 30 June 2024 0 30,936 30,936
At 30 June 2023 0 80,539 80,539

4. Debtors

2024 2023
£ £
Trade debtors 1,695,405 812,051
Other debtors 182,419 431,964
1,877,824 1,244,015

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 2,006,106 1,688,857

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 55,396 82,661
Amounts owed to group undertakings 2,300,747 1,519,298
Taxation and social security 92,334 80,522
Other creditors 69,982 128,125
2,518,459 1,810,606

Amounts owed to group undertakings are repayable on demand and do not bear interest.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 38,336 35,404

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease commitments 30,936 80,539

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.