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REGISTERED NUMBER: 08793967 (England and Wales)












REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MUSIC CONCIERGE WORLDWIDE LIMITED

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


MUSIC CONCIERGE WORLDWIDE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: A Pitman
R M Wood





REGISTERED OFFICE: Brickendonbury
Brickendon Lane
Hertford
Hertfordshire
SG13 8NP





REGISTERED NUMBER: 08793967 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

A Pitman
R M Wood

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A Pitman - Director


28th February 2025

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 827,542 49,842
Tangible assets 5 163,190 202,724
Investments 6 153,885 78,705
1,144,617 331,271

CURRENT ASSETS
Stocks 258,722 345,290
Debtors 7 1,075,803 2,395,079
Cash at bank 128,642 207,354
1,463,167 2,947,723
CREDITORS
Amounts falling due within one year 8 2,237,097 2,543,105
NET CURRENT (LIABILITIES)/ASSETS (773,930 ) 404,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

370,687

735,889

PROVISIONS FOR LIABILITIES 23,940 21,910
NET ASSETS 346,747 713,979

CAPITAL AND RESERVES
Called up share capital 111 111
Retained earnings 346,636 713,868
SHAREHOLDERS' FUNDS 346,747 713,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

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





A Pitman - Director


MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Music Concierge Worldwide Limited 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.

2. ACCOUNTING POLICIES

Going concern justification
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 December 2023 have been prepared using the going concern basis of accounting.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed. Revenue is recognised on the provision of services once completed.

Goodwill
During the year, the company acquired both Kaleidovision Limited and Music Concierge Limited.

Goodwill, being the amount paid in connection with these two acquisitions, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2023 - 49,842 49,842
Additions 575,000 269,349 844,349
At 31st December 2023 575,000 319,191 894,191
AMORTISATION
Charge for year 57,500 9,149 66,649
At 31st December 2023 57,500 9,149 66,649
NET BOOK VALUE
At 31st December 2023 517,500 310,042 827,542
At 31st December 2022 - 49,842 49,842

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 272,258
Additions 22,651
At 31st December 2023 294,909
DEPRECIATION
At 1st January 2023 69,534
Charge for year 62,185
At 31st December 2023 131,719
NET BOOK VALUE
At 31st December 2023 163,190
At 31st December 2022 202,724

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023 78,705
Additions 123,200
Impairments (48,020 )
At 31st December 2023 153,885
NET BOOK VALUE
At 31st December 2023 153,885
At 31st December 2022 78,705

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 623,445 713,897
Amounts owed by group undertakings 272,483 176,852
Other debtors 59,220 1,188,165
Directors' current accounts 86,758 266,837
Tax 6,249 10,799
Prepayments 27,648 38,529
1,075,803 2,395,079

MUSIC CONCIERGE WORLDWIDE LIMITED (REGISTERED NUMBER: 08793967)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 145,391 187,352
Amounts owed to group undertakings 59,267 -
Tax - 1,234
Social security and other taxes 52,641 54,108
VAT 18,657 119,292
Other creditors 731,714 906,746
Accrued expenses 1,229,427 1,274,373
2,237,097 2,543,105