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REGISTERED NUMBER: 10581705 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SESAC HOLDINGS UK LTD

SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


SESAC HOLDINGS UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







Directors: Mr C Badavas
Mr J Josephson
Mr M Deighan
Mr M Hawker





Secretary: Vistra Company Secretaries Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0BL





Registered number: 10581705 (England and Wales)





Auditors: Fuller & Roper Limited
Chartered Accountants and Statutory Auditors
12 Old Mills Industrial Estate
Paulton
BS39 7SU

SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes $ $
FIXED ASSETS
Investments 4 1,728,332 6,050,438

CURRENT ASSETS
Cash at bank 459 54

CREDITORS
Amounts falling due within one year 5 (47,322 ) (44,492 )
NET CURRENT LIABILITIES (46,863 ) (44,438 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,681,469

6,006,000

CAPITAL CONTRIBUTION
Called up share capital 126 126
Capital contributions received 4,348,912 8,321,287
Retained earnings (2,667,569 ) (2,315,413 )
1,681,469 6,006,000

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:





Mr M Deighan - Director


SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

SESAC Holdings UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company’s functional and presentational currency is US dollars (USD) and the financial statements have been rounded to the nearest dollar ($).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about SESAC Holdings UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, SESAC Holdco I LLC, 152 West 57th Street, 57th Floor, New York, NY 10019, USA.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are stated at purchase cost of acquisition (including any incidental cost of acquisition) together with the amount of any loans advanced to those undertakings less impairment.

Where, in the opinion of the directors, there has been a diminution in the value of the investments, appropriate provisions are made and charged to the profit and loss account.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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 initially recognised at transaction price.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Going concern
The company has net current liabilities of $46,863 (2023: $44,438) and has incurred a loss of $352,156 (2023: profit $1,543,558). Currently, the company is wholly reliant on group companies to provide the necessary funding for it to meet its obligations as they fall due. The directors have received assurances from the parent company that all necessary funding will be provided for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
$
Cost
At 1 April 2023 7,722,760
Share capital repayment (3,972,375 )
At 31 March 2024 3,750,385
Provisions
At 1 April 2023 1,672,322
Provision for year 349,731
At 31 March 2024 2,022,053
Net book value
At 31 March 2024 1,728,332
At 31 March 2023 6,050,438

The company's investments at the Balance sheet date in the share capital of companies include the following:

Mint Digital Services AG
Registered office: Switzerland
Nature of business: Administrative services to licensing entities.
%
Class of shares: holding
Ordinary 50.00

SESAC Digital Licensing AG
Registered office: Liechtenstein
Nature of business: Licensing of music outside of the USA
%
Class of shares: holding
Ordinary 100.00

SESAC Germany GmbH
Registered office: Germany
Nature of business: Licensing of music outside of the USA.
%
Class of shares: holding
Ordinary 100.00

SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$ $
Amounts owed to group undertakings 39,113 27,471
Foreign Tax - 9,898
Accrued expenses 8,209 7,123
47,322 44,492

Amounts owed to the group are unsecured, interest free and repayable on demand.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Simon Roper (Senior Statutory Auditor)
for and on behalf of Fuller & Roper Limited

7. ULTIMATE CONTROLLING PARTY

The immediate parent company is considered to be SESAC Holdco II LLC, a company incorporated in the USA. The ultimate parent company is considered to be Sigma Holdings I Inc, a company incorporated in the USA and under the control of private equity funds affiliated with the Blackstone Group Inc.