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REGISTERED NUMBER: 11158092 (England and Wales)










Financial Statements

for the Year Ended 31 December 2023

for

SONGTRADR LTD

SONGTRADR LTD (REGISTERED NUMBER: 11158092)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


SONGTRADR LTD (REGISTERED NUMBER: 11158092)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,180,043 6,270,009
Property, plant and equipment 5 16,600 58,183
Investments 6 10 10
6,196,653 6,328,202

CURRENT ASSETS
Debtors 7 7,501,313 1,236,368
Cash at bank 28,573 243,908
7,529,886 1,480,276
CREDITORS
Amounts falling due within one year 8 24,763,116 15,389,996
NET CURRENT LIABILITIES (17,233,230 ) (13,909,720 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(11,036,577

)

(7,581,518

)

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (11,046,577 ) (7,591,518 )
(11,036,577 ) (7,581,518 )

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 director and authorised for issue on 6 March 2025 and were signed by:





Mr P L Wiltshire - Director


SONGTRADR LTD (REGISTERED NUMBER: 11158092)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Songtradr Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11158092

Registered office: Qube Elephant
22 Ash Avenue
London
SE17 1HS

The presentation currency of the financial statements is the Pound Sterling (£).


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.

These financial statements are prepared on a going concern basis because the parent company has undertaken to provide continuing financial support so that the company is able to pay its debts as and when they fall due.

Preparation of consolidated financial statements
The financial statements contain information about Songtradr Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

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

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 of 2-5 years.

The carrying value of intangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Tangible fixed assets
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Computer equipment - 33.33% on straight line method

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

SONGTRADR LTD (REGISTERED NUMBER: 11158092)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development which are not capitalised to intangible fixed assets are written off in the year in which they are incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of three month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.


Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Going concern
At the time approving the financial statements, the directors have a reasonable expectation that the company has adequate access to resources to continue to pay its financial obligations as they fall due for at least 12 months from the date of approval of these financial statements. Songtradr Inc have confirmed it will provide financial support to the company to enable it to meet its financial obligations over this same time period. The going concern basis of accounting in preparing the financial statements of the company is therefore considered appropriate by the directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 40 ) .

SONGTRADR LTD (REGISTERED NUMBER: 11158092)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 7,260,797
Additions 1,171,580
At 31 December 2023 8,432,377
AMORTISATION
At 1 January 2023 990,788
Charge for year 1,261,546
At 31 December 2023 2,252,334
NET BOOK VALUE
At 31 December 2023 6,180,043
At 31 December 2022 6,270,009

Other intangible assets comprise development costs.

5. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 January 2023 136,280
Additions 1,187
At 31 December 2023 137,467
DEPRECIATION
At 1 January 2023 78,097
Charge for year 42,770
At 31 December 2023 120,867
NET BOOK VALUE
At 31 December 2023 16,600
At 31 December 2022 58,183

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 10
NET BOOK VALUE
At 31 December 2023 10
At 31 December 2022 10

SONGTRADR LTD (REGISTERED NUMBER: 11158092)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 6,807,981 207,623
Other debtors 693,332 1,028,745
7,501,313 1,236,368

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 35,427 66,452
Amounts owed to group undertakings 24,482,737 15,199,456
Taxation and social security - 24,361
Other creditors 244,952 99,727
24,763,116 15,389,996

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

The Report of the Auditors was unqualified.

Alekos Christofi (Senior Statutory Auditor)
for and on behalf of AGK Partners

10. RELATED PARTY DISCLOSURES

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.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent and direct parent company is Songtradr Inc. located at 8605 Santa Monica Blvd, PMB 40672, West Hollywood, California, 90069-4109, US, and registered in Delaware, USA.