Company registration number 3595383 (England and Wales)
CUSTOMBLOCK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CUSTOMBLOCK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
CUSTOMBLOCK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,437
71,824
Investments
5
24,838,775
25,016,492
24,893,212
25,088,316
Current assets
Debtors
7
2,707,288
1,908,744
Cash at bank and in hand
952,087
848,431
3,659,375
2,757,175
Creditors: amounts falling due within one year
8
(62,600)
(47,309)
Net current assets
3,596,775
2,709,866
Total assets less current liabilities
28,489,987
27,798,182
Creditors: amounts falling due after more than one year
9
(1,544,619)
(1,460,293)
Net assets
26,945,368
26,337,889
Capital and reserves
Called up share capital
10
102
102
Profit and loss reserves
26,945,266
26,337,787
Total equity
26,945,368
26,337,889

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
R B Angus
Director
Company registration number 3595383 (England and Wales)
CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Customblock Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Hobbs House, Harrovian Business Village, Bessborough Road, Harrow, Middlesex, HA1 3EX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is at least twelve months from the date the financial statements are authorised for issue. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised when the right to receive consideration is earned.

Investment income, including interest revenue and dividend income, represents the amount receivable and is recognised in the period to which it relates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets and fixed asset investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of long term assets and long term liabilities that are not readily apparent from other sources. These estimates include judgements about investments for which no active market exists and the related investment income. Accounting estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

All 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
110,583
Additions
594
At 30 June 2024
111,177
Depreciation and impairment
At 1 July 2023
38,759
Depreciation charged in the year
17,981
At 30 June 2024
56,740
Carrying amount
At 30 June 2024
54,437
At 30 June 2023
71,824
5
Fixed asset investments
2024
2023
£
£
Loans to participating interests
13,488,480
13,700,851
Other unlisted investments
11,350,295
11,315,641
24,838,775
25,016,492
CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 8 -
Financial assets for which fair value cannot be measured reliably

At the year end, no commercial markets existed for the company's unlisted investments and certain loans to participating interests. These investments are held for future income potential. The fair value of these investments is reviewed annually and where the the fair value of future income streams and return on investments cannot be reliably measured these investments are recognised at transaction cost and reviewed for impairment.

Except where fair value cannot be measured reliably, the directors believe that the carrying amounts of financial assets approximate to their fair values.

Movements in fixed asset investments
Shares in group undertakings
Loans to participating interests
Unlisted investments other than loans
Total
£
£
£
£
Cost or valuation
At 1 July 2023
1,105
14,800,501
11,315,641
26,117,247
Additions
-
526,953
110,263
637,216
Disposals
(1,105)
(894,234)
(75,609)
(970,948)
At 30 June 2024
-
14,433,220
11,350,295
25,783,515
Impairment
At 1 July 2023
1,105
1,099,650
-
1,100,755
Impairment losses
-
375,028
-
375,028
Disposals
(1,105)
(529,938)
-
(531,043)
At 30 June 2024
-
944,740
-
944,740
Carrying amount
At 30 June 2024
-
13,488,480
11,350,295
24,838,775
At 30 June 2023
-
13,700,851
11,315,641
25,016,492
6
Significant undertakings

The company also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Academy Music Holdings Limited
England and Wales
Ordinary A, B and C shares
24.00
Maztecrose Holdings Limited
England and Wales
Ordinary shares
24.95
Metropolis Music Limited
England and Wales
Ordinary B shares
25.00
CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Significant undertakings
(Continued)
- 9 -
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Academy Music Holdings Limited
4,618,672
10,043,402
Maztecrose Holdings Limited
-
12,000
Metropolis Music Limited
2,455,505
1,110,820

Academy Music Holdings Limited, Maztecrose Holdings Limited and Metropolis Music Limited are not accounted for as associates in these financial statements since the company does not have significant influence over the operating and financial policies of these undertakings at the reporting date. Academy Music Holdings Limited, Maztecrose Holdings Limited and Metropolis Music Limited have been accounted for at cost less any accumulated impairment losses.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,277
8,506
Other debtors
2,699,415
1,897,078
Prepayments and accrued income
4,596
3,160
2,707,288
1,908,744
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,863
7,082
Taxation and social security
6,605
7,436
Other creditors
21,098
5,028
Accruals and deferred income
31,034
27,763
62,600
47,309
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,544,619
1,460,293
CUSTOMBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
102
102
102
102
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mohamedkazim Bhaloo
Statutory Auditor:
Deitch Cooper LLP
Date of audit report:
25 March 2025
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included within investments of the company are loan notes of £5,588,980 (2023: £5,588,980) in respect of Electricland Limited, a subsidiary of an associated company. Interest receivable on these loan notes for the period was £802,039 (2023: £752,901). Total accrued interest receivable on these loan notes, included within other debtors, amounted to £2,621,437 (2023: £1,819,398) at the balance sheet date.

13
Directors' transactions

Included within other creditors are amounts owed to R B Angus, a director, amounting to £21,098 at the reporting date (2023: £5,028).

 

Interim dividends totalling £306,000 (2023: £959,667) were paid in respect of shares held by the directors.

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