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Company No: 02861707 (England and Wales)

HARRISON/PARROTT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

HARRISON/PARROTT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

HARRISON/PARROTT LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
HARRISON/PARROTT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Jane Emma Brown (Appointed 01 May 2025)
Catherine Lynne Fairlamb (Appointed 01 May 2025)
Steven Anthony Fogel (Resigned 30 June 2024)
Sabine Frank (Appointed 01 May 2025)
Dr Markus Klimmer (Appointed 01 July 2024)
Jasper William Parrott
Moema Ellen Ortiz Parrott
Shirley Thomson (Appointed 01 May 2025)
Rafi Eytan Yohay (Appointed 01 May 2025)
SECRETARY Catherine Lynne Fairlamb
REGISTERED OFFICE Somerset House Rooms S75 S76 S77
Second Floor
South Wing
Somerset House
Strand
London
WC2R 1LA
United Kingdom
COMPANY NUMBER 02861707 (England and Wales)
HARRISON/PARROTT LIMITED

BALANCE SHEET

As at 31 December 2024
HARRISON/PARROTT LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 78,315 124,376
Investments 4 26,096 26,096
104,411 150,472
Current assets
Debtors 5 2,364,535 1,917,120
Cash at bank and in hand 6 686,671 1,077,870
3,051,206 2,994,990
Creditors: amounts falling due within one year 7 ( 1,856,300) ( 2,090,124)
Net current assets 1,194,906 904,866
Total assets less current liabilities 1,299,317 1,055,338
Creditors: amounts falling due after more than one year 8 ( 77,501) ( 182,501)
Provision for liabilities ( 9,520) ( 12,695)
Net assets 1,212,296 860,142
Capital and reserves
Called-up share capital 100,000 100,000
Profit and loss account 1,112,296 760,142
Total shareholders' funds 1,212,296 860,142

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Harrison/Parrott Limited (registered number: 02861707) were approved and authorised for issue by the Board of Directors on 17 June 2025. They were signed on its behalf by:

Moema Ellen Ortiz Parrott
Director
HARRISON/PARROTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
HARRISON/PARROTT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harrison/Parrott Limited (the Company) is a private Company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Somerset House Rooms S75 S76 S77, Second Floor, South Wing, Somerset House, Strand, London, WC2R 1LA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to Companies subject to the small Companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the amount of managements fees and commissions from engagements and tours which took place in the year, net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixtures and fittings 5 years straight line
Other property, plant and equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Fixed asset investments

Shares in the Company's subsidiaries are measured at cost less impairment. Dividends are recognised in income when receivable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 62 65

3. Tangible assets

Fixtures and fittings Other property, plant
and equipment
Total
£ £ £
Cost
At 01 January 2024 104,164 382,601 486,765
Additions 0 14,519 14,519
Disposals 0 ( 990) ( 990)
At 31 December 2024 104,164 396,130 500,294
Accumulated depreciation
At 01 January 2024 103,426 258,963 362,389
Charge for the financial year 546 59,044 59,590
At 31 December 2024 103,972 318,007 421,979
Net book value
At 31 December 2024 192 78,123 78,315
At 31 December 2023 738 123,638 124,376

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 26,096
At 31 December 2024 26,096
Carrying value at 31 December 2024 26,096
Carrying value at 31 December 2023 26,096

5. Debtors

2024 2023
£ £
Trade debtors 1,485,863 945,185
Amounts owed by group undertakings 320,042 266,784
Amounts owed by parent undertakings 6,428 0
Other debtors 552,202 705,151
2,364,535 1,917,120

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 686,671 1,077,870

At 31 December 2024, the Company held £974,862 (2023 - £1,477,521) on behalf of artists and other clients in client bank accounts. These amounts are held on trust and are not assets of the Company. As such, they are not included in the balance sheet.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 80,000 80,000
Trade creditors 136,672 417,676
Amounts owed to group undertakings 379,341 379,174
Taxation and social security 136,551 101,883
Other creditors 1,123,736 1,111,391
1,856,300 2,090,124

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 73,334 153,334
Other creditors 4,167 29,167
77,501 182,501

The bank loan is secured by fixed and floating charges over the Company's assets.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 597,444 78,553