0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 130,667 130,667 xbrli:pure xbrli:shares iso4217:GBP 01073698 2023-07-01 2024-06-30 01073698 2024-06-30 01073698 2023-06-30 01073698 2022-07-01 2023-06-30 01073698 2023-06-30 01073698 2022-06-30 01073698 core:FurnitureFittings 2023-07-01 2024-06-30 01073698 bus:Director2 2023-07-01 2024-06-30 01073698 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 01073698 core:LandBuildings 2023-06-30 01073698 core:PlantMachinery 2023-06-30 01073698 core:FurnitureFittings 2023-06-30 01073698 core:LandBuildings 2024-06-30 01073698 core:PlantMachinery 2024-06-30 01073698 core:FurnitureFittings 2024-06-30 01073698 core:WithinOneYear 2024-06-30 01073698 core:WithinOneYear 2023-06-30 01073698 core:ShareCapital 2024-06-30 01073698 core:ShareCapital 2023-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2024-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2023-06-30 01073698 core:PlantMachinery 2023-07-01 2024-06-30 01073698 core:PlantMachinery 2023-06-30 01073698 core:FurnitureFittings 2023-06-30 01073698 bus:SmallEntities 2023-07-01 2024-06-30 01073698 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01073698 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 01073698 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01073698 bus:FullAccounts 2023-07-01 2024-06-30 01073698 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 01073698 bus:Director1 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 01073698
Nick Mason Music Limited
Filleted Unaudited Financial Statements
30 June 2024
Nick Mason Music Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
27,238
41,053
Current assets
Debtors
7
15,641,213
12,918,913
Cash at bank and in hand
18,312
113,944
-------------
-------------
15,659,525
13,032,857
Creditors: amounts falling due within one year
8
( 6,978,437)
( 4,439,381)
-------------
-------------
Net current assets
8,681,088
8,593,476
------------
------------
Total assets less current liabilities
8,708,326
8,634,529
Provisions
Taxation including deferred tax
( 9,938)
( 9,938)
------------
------------
Net assets
8,698,388
8,624,591
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8,698,288
8,624,491
------------
------------
Shareholders funds
8,698,388
8,624,591
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nick Mason Music Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 23 February 2025 , and are signed on behalf of the board by:
S Brittan
Director
Company registration number: 01073698
Nick Mason Music Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Ymu Business Management Ltd, 180 Great Portland Street, London, W1W 5QZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Copyrights
Included within intangible assets are copyrights relating to a US tour. As the tour was completed a number of years ago, these have been written down to a nil value.
Going concern
In the opinion of the directors, the going concern basis remains appropriate as the loans due from group companies are considered recoverable and confirmation has been received from a director that he will continue to support the company for a minimum of 12 months from the date of the approval of the accounts.
Revenue recognition
Turnover represents the value of royalties receivable and continuing income derived from tours earned during the year, stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Included within intangible assets are copyrights relating to a US tour.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
Straight line over term of lease - 5 years
Plant and Machinery
-
15% and 33% straight line
Fixtures and Fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contract actual arrangement, as either financial assets, financial liabilities or equity instruments of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income statement.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Intangible assets
Development costs
£
Cost
At 1 July 2023 and 30 June 2024
130,667
---------
Amortisation
At 1 July 2023 and 30 June 2024
130,667
---------
Carrying amount
At 30 June 2024
---------
At 30 June 2023
---------
6. Tangible assets
Leasehold Improve-ments
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
16,581
316,653
119,678
452,912
--------
---------
---------
---------
Depreciation
At 1 July 2023
16,581
293,577
101,701
411,859
Charge for the year
9,212
4,603
13,815
--------
---------
---------
---------
At 30 June 2024
16,581
302,789
106,304
425,674
--------
---------
---------
---------
Carrying amount
At 30 June 2024
13,864
13,374
27,238
--------
---------
---------
---------
At 30 June 2023
23,076
17,977
41,053
--------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
104
2,604
Amounts owed by group undertakings and undertakings in which the company has a participating interest
15,543,289
12,790,661
Other debtors
97,820
125,648
-------------
-------------
15,641,213
12,918,913
-------------
-------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
811,434
507,502
Trade creditors
18,153
124,814
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,332,625
128,598
Corporation tax
65
34
Other creditors
2,816,160
3,678,433
------------
------------
6,978,437
4,439,381
------------
------------
9. Directors' advances, credits and guarantees
At the period end, a director was owed £2,257,252 from the company (2023: £3,418,889). This loan is unsecured, interest free and repayable on demand. A director has given a limited personal guarantee of £1,000,000 to Barclays Bank Plc. There is also a cross guarantee and debenture between the parent company, Morntane Limited and Nick Mason Music Limited dated 7 August 2012.
10. Related party transactions
The company has taken advantage of the exemption available not to disclose transactions with other group companies which are 100% owned within the group.
Transactions with related companies
During the period the company received royalties from companies in which a company director is also a director and shareholder in those companies:
2024
2023
£
£
Royalties
2,906,364
3,604,148
During the period the company provided or received services from companies in which directors of the company are also directors of those companies.
Receivables:
2024
2023
£
£
Bookkeeping recharge
1,500
1,500