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Registered number: 03307408









Once Upon A Time Music Limited









Financial statements

For the Year Ended 30 April 2024

 
Once Upon A Time Music Limited
 
 
Company Information


Directors
R D Ward 
D E Miller 




Registered number
03307408



Registered office
17 Bowling Green Lane
Clerkenwell

London

EC1R 0BU




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Solicitors
Osborne Clarke
2 Temple Back East

Temple Quay

Bristol

BS1 6EG





 
Once Upon A Time Music Limited
 

Contents



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 8


 
Once Upon A Time Music Limited
Registered number: 03307408

Statement of Financial Position
As at 30 April 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
5,987,485
7,034,651

  
5,987,485
7,034,651

Creditors: amounts falling due within one year
 6 
(5,321,589)
(6,291,750)

Net current assets
  
 
 
665,896
 
 
742,901

Total assets less current liabilities
  
665,896
742,901

  

Net assets
  
665,896
742,901


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
655,896
732,901

  
665,896
742,901


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 statement of income and retained earnings 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: 

D E Miller
Director

Date: 9 December 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

Once Upon A Time Music Limited is a private company limited by share capital, incorporated in England. The address of the registered office and principal place of business is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0BU.  The company's registered number is 03307408.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP.
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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account.
Foreign exchange gains and losses are presented in the Profit and loss account within 'administrative expenses'.

Page 2

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.3

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

Page 3

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.5

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 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.

Page 4

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Creditors

Short term creditors are measured at the transaction price. 

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.



 

Page 5

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 -11).


4.


Dividends

2024
2023
£
£


Dividends paid on equity capital
-
2,000,000



Page 6

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

5.


Debtors

2024
2023
£
£


Trade debtors
295,996
1,231,564

Amounts owed by group undertakings
5,385,001
4,850,978

Other debtors
-
1,577

Prepayments and accrued income
306,488
950,532

5,987,485
7,034,651



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
428,843
963,388

Amounts owed to group undertakings
4,522,423
4,451,452

Other taxation and social security
11,860
-

Other creditors
138,209
197,686

Accruals and deferred income
220,254
679,224

5,321,589
6,291,750



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 -10,000) Ordinary shares of £1.00 each
10,000
10,000



8.


Contingent liabilities

A charge was registered in December 2019 in favour of Toscafund GP Limited as security for a Facilities Agreement made with the ultimate parent company. The Company is party to a security deed of accession, supplemental to a debenture between the ultimate parent company and Toscafund GP Limited. Under the deed, there is a fixed charge and a floating charge (covering all property of the Company). The liability outstanding on the ultimate parent company's debt facility at 30 April 2024 was £17,812,410 (2023: £16,810,000).
A charge was also registered in December 2019 in favour of Calculus Nominees Limited as security for £2,000,000 guaranteed fixed rate loan notes issued by the ultimate parent company. The Company is party to a deed of accession, supplemental to a debenture between the ultimate parent company and Calculus Nominees Limited. Under the deed, there is a fixed charge and a floating charge (covering all property of the Company).

Page 7

 
Once Upon A Time Music Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

9.


Pension commitments

The Company operates a defined contributions 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 £10,985 (2023: £9,513) . Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.


10.


Controlling party

Once Upon a Time Global Ltd is the parent of the smallest group for which consolidated financial statements are drawn up, of which the Company is a member. Once Upon a Time Global Ltd has company number 12329089 and its registered office is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0BU.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 9 December 2024 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

Page 8