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Registered number: 01065887














RICHARD WRIGHT MUSIC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
RICHARD WRIGHT MUSIC LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
RICHARD WRIGHT MUSIC LIMITED
REGISTERED NUMBER:01065887

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,293,779
3,360,244

Investments
 5 
18,291,662
16,355,696

  
21,585,441
19,715,940

Current assets
  

Debtors
 6 
427,825
1,179,432

Cash at bank and in hand
  
12,012,458
10,931,193

  
12,440,283
12,110,625

Current liabilities
  

Creditors
 7 
(4,938,338)
(5,455,584)

Net current assets
  
 
 
7,501,945
 
 
6,655,041

Total assets less current liabilities
  
29,087,386
26,370,981

Provisions for liabilities
  

Deferred tax
 8 
(560,264)
(144,763)

  
 
 
(560,264)
 
 
(144,763)

Net assets
  
28,527,122
26,226,218


Capital and reserves
  

Called up share capital 
 9 
100
100

Other reserves
  
5,666,029
4,419,528

Profit and loss account
  
22,860,993
21,806,590

  
28,527,122
26,226,218


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
RICHARD WRIGHT MUSIC LIMITED
REGISTERED NUMBER:01065887
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




G Wright
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Richard Wright Music Limited is a private limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The principal place of business is at 16 Lexham Mews, London W8 6JW.
The principal activity of the company continued to be that of the exploitation of audio and audio-visual recordings and ancillary 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from continuing activites, which is recognised when receivable, consists of royalty and similar income exclusive of Value Added Tax.

 
2.3

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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 the Statement of Comprehensive Income.

Page 3

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in listed unit trusts are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans from related parties.
Trade debtors and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash at bank and in hand comprise cash balances, call deposits and treasury fixed term deposits.


 
2.6

Foreign currency translation

The company's functional and presentational currency is £ Sterling.
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 the statement of comprehensive income.

 
2.7

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
 
Page 4

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
Current and deferred taxation (continued)


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 July 2023
3,454,020
44,631
174,238
7,269
3,680,158


Additions
-
2,427
-
1,902
4,329



At 30 June 2024

3,454,020
47,058
174,238
9,171
3,684,487



Depreciation


At 1 July 2023
100,627
44,088
171,965
3,234
319,914


Charge for the year on owned assets
69,080
136
569
1,009
70,794



At 30 June 2024

169,707
44,224
172,534
4,243
390,708



Net book value



At 30 June 2024
3,284,313
2,834
1,704
4,928
3,293,779



At 30 June 2023
3,353,393
543
2,273
4,035
3,360,244


5.


Fixed asset investments





Listed investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 July 2023
16,355,696
-
16,355,696


Additions
273,963
1
273,964


Revaluations
1,662,002
-
1,662,002



At 30 June 2024
18,291,661
1
18,291,662




Page 6

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
-
104

Other debtors
188,290
-

Prepayments and accrued income
239,535
1,179,328

427,825
1,179,432



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
54,264
24,947

Amounts owed to group undertakings
25,618
59,750

Other taxation and social security
19,311
275,776

Other creditors
4,759,021
5,018,419

Accruals and deferred income
80,124
76,692

4,938,338
5,455,584



8.


Deferred taxation




2024
2023


£

£






At beginning of year
144,763
227,001


Charged to profit or loss
415,501
(82,238)



At end of year
560,264
144,763

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value movements
560,264
144,763

Page 7

 
RICHARD WRIGHT MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



10.


Post balance sheet events

On 17 September 2024, Pink Floyd (1987) Ltd and Pink Floyd Music Ltd were acquired by Sony Plc. As a result of this transaction, Richard Wright Music Ltd forfeited its rights to receive royalties and merchandising income in exchange for a consideration. As this event occurred after the financial year-end, the consideration will be recognised and received in the subsequent financial year. 


11.


Controlling party

The company's immediate and ultimate parent undertaking is Ramogan Limited.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 4 March 2025 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 8