Company registration number 03385237 (England and Wales)
ASKONAS HOLT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ASKONAS HOLT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 12
ASKONAS HOLT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
257
3,332
Tangible assets
4
453,917
538,879
Investments
5
100
100
454,274
542,311
Current assets
Debtors falling due after more than one year
6
343,270
316,514
Debtors falling due within one year
6
2,713,186
2,765,589
Cash at bank and in hand
7
1,207,933
873,819
4,264,389
3,955,922
Creditors: amounts falling due within one year
8
(1,724,355)
(2,138,949)
Net current assets
2,540,034
1,816,973
Total assets less current liabilities
2,994,308
2,359,284
Creditors: amounts falling due after more than one year
9
(58,872)
(131,428)
Provisions for liabilities
10
(298,643)
(298,643)
Net assets
2,636,793
1,929,213
Capital and reserves
Called up share capital
11
68,469
68,469
Share premium account
105,811
105,811
Capital redemption reserve
12
176,499
176,499
Other reserves
485,652
Profit and loss reserves
1,800,362
1,578,434
Total equity
2,636,793
1,929,213
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASKONAS HOLT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 December 2024 and are signed on its behalf by:
D Collins
Director
Company registration number 03385237 (England and Wales)
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Askonas Holt Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Wing, Somerset House, The Strand, London, WC2R 1LA.
1.1
Reporting period
The current year figures are presented for the 12 month period ended 30 June 2024. The prior year figures are presented for the 11 month period from 1 August 2022 to 30 June 2023 and therefore are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover represents the invoiced value of services provided net of VAT. Artist management fees represents commissions receivable. Project management and concert promotion income represents the gross income receivable, both where the company is acting as promoter and where the company is managing projects on behalf of promoters.
Revenue from contracts for the provision of professional services is recognised by reference to the date of the performance.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
3 years straight line
1.5
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.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
Over the term of the lease
Fixtures and fittings
5 years straight line
Computers
3 years straight line
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 the statement of income.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.8
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 current liabilities.
The company holds balances on behalf of clients as part of its day to day activities. These amounts are held in segregated accounts and subject to The Conduct of Employment Agencies and Employment Businesses Regulations 2003. These amounts have been derecognised from the financial statements as the company does not have control over the client monies or rights to future economic benefits.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
74
73
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
3
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
9,226
Amortisation and impairment
At 1 July 2023
5,894
Amortisation charged for the year
3,075
At 30 June 2024
8,969
Carrying amount
At 30 June 2024
257
At 30 June 2023
3,332
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023
946,968
239,556
190,325
1,376,849
Additions
15,768
34,061
49,829
Disposals
(11,154)
(52,671)
(63,825)
At 30 June 2024
946,968
244,170
171,715
1,362,853
Depreciation and impairment
At 1 July 2023
489,164
199,396
149,410
837,970
Depreciation charged in the year
82,791
15,515
36,485
134,791
Eliminated in respect of disposals
(11,154)
(52,671)
(63,825)
At 30 June 2024
571,955
203,757
133,224
908,936
Carrying amount
At 30 June 2024
375,013
40,413
38,491
453,917
At 30 June 2023
457,804
40,160
40,915
538,879
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
6
Debtors
2024
2023
£
£
Amounts falling due within one year:
Trade debtors
1,400,813
1,491,667
Corporation tax recoverable
31,291
Amounts owed by group undertakings
162,153
Other debtors
1,281,373
1,060,290
2,682,186
2,745,401
Deferred tax asset
31,000
20,188
2,713,186
2,765,589
2024
2023
£
£
Amounts falling due after more than one year:
Other debtors
343,270
316,514
Total debtors
3,056,456
3,082,103
7
Cash and cash equivalents
At year end the company held £3,086,211 (2023: £3,129,397) of client money which has been derecognised.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
72,727
78,959
Trade creditors
274,517
568,735
Corporation tax
129,300
40,607
Other taxation and social security
126,530
120,909
Other creditors
1,121,281
1,329,739
1,724,355
2,138,949
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
58,872
131,428
The bank loan is charged in favour of the lender, which includes a fixed and floating charge.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
10
Provisions for liabilities
2024
2023
£
£
Provision for additional bonus
143,443
143,443
Provision for dilapidation repairs
155,200
155,200
298,643
298,643
Movements on provisions:
Provision for additional bonus
Provision for dilapidation repairs
Total
£
£
£
At 1 July 2023 and 30 June 2024
143,443
155,200
298,643
Included in provisions for liabilities is £143,443 (2022: £143,433) which is payable to two directors under the terms of the agreement following the sale of the company in December 2022.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
68,469
68,469
68,469
68,469
12
Capital redemption reserve
Capital redemption reserve relates to shares repurchased by the company. This reserve is not distributable.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Katherine Rose FCCA
Statutory Auditor:
BKL Audit LLP
Date of audit report:
6 December 2024
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
2,889,517
2,852,206
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
720,225
1,244,025
15
Parent company
During the previous reporting period, the company was acquired by Opus 3 Mothership, LLC, a company incorporated in California whose registered office is 50 Oak Street, San Francisco, California 94102, USA. The ultimate parent is San Francisco Conservatory of Music, an entity incorporated in California whose registered office is 50 Oak Street, San Francisco, California 94102, USA.
The results of the company are included in consolidated financial statements of the ultimate parent, which are publicly available from https://sfcm.edu/experience/giving/publications-and-financials.
16
Related party transactions
Included in other debtors as at 30 June 2024 are balances of £480 (2023: £5,421) owed by the directors. The balances owed by the directors are interest free and repayable on demand.
Included in other creditors as at 30 June 2024 is a balance of £119 (2023: £1,088) owed to the directors.
During the year, £8,961 (2023: £8,330) was advanced to the directors, with £12,933 (2023: £44,633) being repaid.
17
Prior period adjustment
An adjustment was applied to the prior period to restate the leasehold improvements to reflect a useful life of 12 years instead of 5 years.
Another adjustment was applied to the profit and loss account to gross up the income and costs of a project which was previously recorded net.
Long term other debtor balances of £316,514 have been moved from amounts falling due within one year to amounts falling due after more than one year.
An adjustment was applied to the prior period to include a dilapidations provision in relation to the leasehold improvements.
ASKONAS HOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Prior period adjustment
(Continued)
- 12 -
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Fixed assets
Tangible assets
299,212
239,667
538,879
Current assets
Debtors due after one year
-
316,514
316,514
Debtors due within one year
3,082,103
(316,514)
2,765,589
Provisions for liabilities
Other provisions
(143,443)
(155,200)
(298,643)
Net assets
1,844,746
84,467
1,929,213
Capital and reserves
Profit and loss reserves
1,493,967
84,467
1,578,434
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