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Registered number: 13594725









CC4L LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CC4L LIMITED
 
 
COMPANY INFORMATION


Director
O Caeser-Su 




Registered number
13594725



Registered office
2nd Floor Northumberland House
303-306 High Holborn

London

WC1V 7JZ




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
CC4L LIMITED
 

CONTENTS



Page
Strategic report
 
1
Director's report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11 - 12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 26


 
CC4L LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
This is a balanced and comprehensive review of performance of our business during the year and its position at the year end is considered with the size and nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
The company achieved a profit before taxation for the year ended 31 March 2024 of £7,122,639 (2023: £4,675,008.
The directors are satisfied with the performance of the business. The performance of the company is measured by reference to turnover and the level of artist activity.
The company had a net asset position at the balance sheet date of £10,850,230 (2023: £5,499,619) an increase of £5,350,611 in 2024.

Principal risks and uncertainties
 
The business is subject to certain risks. The directors have set out below the principal risk facing the business. Where possible processes are in place to monitor and mitigate such risks.
Due to worldwide business activity the company is exposed to the risk of foreign exchange rates fluctuating due to royalties being received in foreign currencies and in particular US Dollars. To mitigate this risk the company monitors exchange rates and takes appropriate action where necessary. 

Financial key performance indicators
 
The company measures its financial performance through turnover generation. Turnover during the year has remained stable on the prior period due to the continued exploitation of music recording and publishing.
                                        YE March 2024  PE March 2023
                                                       £                            £
Turnover                         12,161,930             7,904,564
Profit before tax                         7,122,639              4,675,008

Other key performance indicators
 
The company measures its non-financial performance through the level of artist activity. The level of activity during the year has remained stable on the prior year which is supported by the increases in turnover. 


This report was approved by the board on 5 March 2025 and signed on its behalf.





................................................
O Caeser-Su
Director

Page 1

 
CC4L LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

O Caeser-Su 

Results and dividends

The profit for the year, after taxation, amounted to £5,350,611 (2023 - £3,786,446).

The directors have not paid a dividend this financial year (2023: Nil).

Future developments

Going forward the company's turnover is expected to remain strong due to increased acvitity.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
CC4L LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 5 March 2025 and signed on its behalf.
 





................................................
O Caeser-Su
Director

Page 3

 
CC4L LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CC4L LIMITED
 

Opinion


We have audited the financial statements of CC4L Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
CC4L LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CC4L LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CC4L LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CC4L LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that:
•  had a direct effect on the determination of material amounts and disclosures in the financial statements.
 These included the UK Companies Act and tax legislation etc; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to
 the company’s ability to operate or to avoid a material penalty. These include operational and     employment laws and regulations including health and safety regulations, environmental regulations and   GDPR
We obtained an understanding of how the company are complying with those legal and regulatory frameworks bymaking enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions.
We discussed among the audit engagement team including relevant internal tax specialists, regarding the
opportunities and incentives, including management override of controls, that may exist within the organisation
for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:
The principal risks related to revenue recognition in relation to income received from royalties, advances and brand partnerships.
Procedures performed to address these were as follows:
•  Walkthrough testing was carried out to identify and assess the design effectiveness of controls,     management have in place to prevent and detect fraud, including known of suspected instances or    noncompliance with laws and regulations and fraud;
•  Understanding how those charged with governance considered and addressed the potential for override   of controls or other inappropriate influence over the financial reporting process:
•  Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of  material misstatements due to fraud;
 
Page 6

 
CC4L LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CC4L LIMITED (CONTINUED)


•  Assessing the appropriateness of accounting estimates and challenging any significant assumptions or
 judgements made by management;
•  Incorporating testing of manual journal entries that were posted throughout the year. In particular, we
 focused on material journal entries, journal entries posted with unusual account combinations, and    journal entries crediting revenue or cash. These were scrutinised for evidence of unusual entries;
•  Reviewing revenue recognition policies and general policies.We assessed the accuracy and     completeness of the management’s estimates and reviewed post year end activity for incorrect revenue  treatment; and
•  Evaluated the business rationale of any significant transactions that are unusual or outside the normal
 course of business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The comparative financial statements included within these financial statements are unaudited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Charalambos Patsalides ACA FCCA (Senior statutory auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

21 March 2025
Page 7

 
CC4L LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Year Ending March 2024
Period Ending March 2023
Note
£
£

  

Turnover
 4 
12,161,930
7,904,564

Cost of sales
  
(3,509,567)
(1,764,782)

Gross profit
  
8,652,363
6,139,782

Distribution costs
  
(1,271,821)
(1,332,359)

Administrative expenses
  
(581,599)
(130,780)

Fair value movements
  
63,371
-

Operating profit
 5 
6,862,314
4,676,643

Interest receivable and similar income
 8 
292,674
5

Interest payable and similar expenses
  
(32,349)
(1,640)

Profit before tax
  
7,122,639
4,675,008

Tax on profit
 10 
(1,772,028)
(888,562)

Profit for the financial year
  
5,350,611
3,786,446

There was no other comprehensive income for 2024 (Period Ending March 2023:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 8

 
CC4L LIMITED
REGISTERED NUMBER: 13594725

BALANCE SHEET
AS AT 31 MARCH 2024

Year Ending March 2024
Period Ending March 2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,166
-

Investments
 12 
2,029,579
-

  
2,031,745
-

Current assets
  

Debtors: amounts falling due within one year
 13 
1,697,674
2,635,334

Current asset investments
  
8,012,600
-

Cash at bank and in hand
 15 
15,937,057
6,242,583

  
25,647,331
8,877,917

Creditors: amounts falling due within one year
 16 
(16,828,846)
(3,378,298)

Net current assets
  
 
 
8,818,485
 
 
5,499,619

Total assets less current liabilities
  
10,850,230
5,499,619

  

Net assets
  
10,850,230
5,499,619


Capital and reserves
  

Called up share capital 
 18 
1
1

Profit and loss account
 19 
10,850,229
5,499,618

  
10,850,230
5,499,619


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2025.




................................................
O Caeser-Su
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 9
 

 
CC4L LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 September 2022
1
1,713,172
1,713,173



Comprehensive income for the period


Profit for the period
-
3,786,446
3,786,446

Total comprehensive income for the period
-
3,786,446
3,786,446





At 1 April 2023
1
5,499,618
5,499,619



Comprehensive income for the year


Profit for the year
-
5,350,611
5,350,611

Total comprehensive income for the year
-
5,350,611
5,350,611



At 31 March 2024
1
10,850,229
10,850,230



The notes on pages 14 to 26 form part of these financial statements.

Page 10
 
CC4L LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

Year Ending March 2024
Period Ending March 2023
£
£

Cash flows from operating activities

Profit for the financial year
5,350,611
3,786,446

Adjustments for:

Depreciation of tangible assets
541
-

Interest paid
32,349
1,640

Interest received
(292,674)
(5)

Taxation charge
1,772,028
888,562

Decrease/(increase) in debtors
1,234,538
(1,396,629)

(Increase) in amounts owed by groups
(296,877)
-

Increase in creditors
12,984,455
474,726

Corporation tax (paid)
(1,305,946)
-

Net cash generated from operating activities

19,479,025
3,754,740


Cash flows from investing activities

Purchase of tangible fixed assets
(2,707)
-

Purchase of short-term listed investments
(8,012,600)
-

Purchase of trade investments
(2,029,579)
-

Interest received
292,674
5

Net cash from investing activities

(9,752,212)
5

Cash flows from financing activities

Interest paid
(32,349)
(1,640)

Net cash used in financing activities
(32,349)
(1,640)
Page 11

 
CC4L LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Net increase in cash and cash equivalents
9,694,464
3,753,105

Cash and cash equivalents at beginning of year
6,242,583
2,489,478

Cash and cash equivalents at the end of year
15,937,047
6,242,583


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
15,937,057
6,242,583

Bank overdrafts
(10)
-

15,937,047
6,242,583


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
CC4L LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

6,242,583

9,694,474

15,937,057

Bank overdrafts

-

(10)

(10)

Liquid investments

-

8,012,600

8,012,600


6,242,583
17,707,064
23,949,647

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

CC4L Limited is a private company, limited by shares, domiciled in England and Wales, registration number 13594725. The registered office is 2nd Floor Northumberland House, 303-306 High Holborn, London, England, WC1V 7JZ. The principal activity of the company continued to be that of sound recording and music publishing activities. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's level of rounding is to the nearest Pound.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Royalties, licences and other turnover is recognised based on the contractual arrangements entered into with the artist, which allow them to exploit the artists intellectual property in return for a fee. Where the artist is entitled to a fee which is not dependent upon future usage, turnover is recognised when the artist has fulfilled its contractual commitments. Where the fees due to the artist are dependent upon that usage, turnover is recognised based upon that usage. Where no reliable basis is available for estimating such usage, turnover is recognised when reported to the artist by third parties.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 16

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.


 

Page 17

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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.

Page 18

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. 


4.


Turnover

An analysis of turnover by class of business is as follows:


Year Ending March 2024
Period Ending March 2023
£
£

Recording income
10,176,740
4,961,673

Sponsorship
1,574,222
641,408

Merchandise income
19,075
2,291

Publishing income
315,135
2,180,192

Reimbursed expenses
76,758
19,000

Marketing fund
-
100,000

12,161,930
7,904,564


Analysis of turnover by country of destination:

Year Ending March 2024
Period Ending March 2023
£
£

United Kingdom
12,161,930
7,904,564


Page 19

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

Year Ending March 2024
Period Ending March 2023
£
£

Research & development charged as an expense
2,831
774

Exchange differences
118,217
18,480


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


Year Ending March 2024
Period Ending March 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
-

7.


Employees

Staff costs were as follows:


Year Ending March 2024
Period Ending March 2023
£
£

Wages and salaries
40,224
-

Cost of defined contribution scheme
1,270
-

41,494
-


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
2
1

Page 20

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Interest receivable

Year Ending March 2024
Period Ending March 2023
£
£


Other interest receivable
292,674
5


9.


Interest payable and similar expenses

Year Ending March 2024
Period Ending March 2023
£
£


Bank interest payable
32,349
1,640


10.


Taxation


Year Ending March 2024
Period Ending March 2023
£
£

Corporation tax


Current tax on profits for the year
1,772,028
888,562


1,772,028
888,562


Total current tax
1,772,028
888,562
Page 21

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

Year Ending March 2024
Period Ending March 2023
£
£


Profit on ordinary activities before tax
7,122,639
4,675,008


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,784,410
1,030,701

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(11,841)
(142,139)

Capital allowances for year/period in excess of depreciation
(541)
-

Total tax charge for the year/period
1,772,028
888,562


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,707



At 31 March 2024

2,707



Depreciation


Charge for the year on owned assets
541



At 31 March 2024

541



Net book value



At 31 March 2024
2,166



At 31 March Period Ending March 2023
-

Page 23

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Fixed asset investments





Trade investments

£





Additions
2,029,579





13.


Debtors

Year Ending March 2024
Period Ending March 2023
£
£


Trade debtors
65,858
23,510

Amounts owed by group undertakings
296,877
-

Other debtors
379,264
1,738,301

Prepayments and accrued income
955,675
873,523

1,697,674
2,635,334



14.


Current asset investments

Year Ending March 2024
Period Ending March 2023
£
£

Listed investments
8,012,600
-



15.


Cash and cash equivalents

Year Ending March 2024
Period Ending March 2023
£
£

Cash at bank and in hand
15,937,057
6,242,583

Less: bank overdrafts
(10)
-

15,937,047
6,242,583


Page 24

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due within one year

Year Ending March 2024
Period Ending March 2023
£
£

Bank overdrafts
10
-

Trade creditors
239,359
34,682

Corporation tax
1,757,886
1,291,804

Other taxation and social security
1,895,923
351,448

Other creditors
7,767,454
1,051

Accruals and deferred income
5,168,214
1,699,313

16,828,846
3,378,298



17.


Financial instruments

Year Ending March 2024
Period Ending March 2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
23,949,657
6,242,583




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand. 


18.


Share capital

Year Ending March 2024
Period Ending March 2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) 1 share of £1.00
1
1



19.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 25

 
CC4L LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Pension commitments

The company operates a defined contribution 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 £1,270 (2023: £Nil).
 
Contributions totaling £292 (2023: £Nil ) were payable to fund at the balance sheet date and are included in creditors. 


21.


Related party transactions

At the year end, the following balances were due (to)/from related parties:


Year Ending March 2024
Period Ending March 2023
£
£

Key management personnel
369,673
85,632
Entities under common control
296,877
-
666,550
85,632


22.


Controlling party

The ultimate controlling party is O Caeser-Su by virtue of his 100% shareholding in the company.

 
Page 26