6 01/01/2024 30/11/2024 2024-11-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2024-01-01 Sage Accounts Production 23.1 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09877175 2024-01-01 2024-11-30 09877175 2024-11-30 09877175 2023-12-31 09877175 2023-01-01 2023-12-31 09877175 2023-12-31 09877175 2022-12-31 09877175 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-11-30 09877175 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-11-30 09877175 core:MotorVehicles 2024-01-01 2024-11-30 09877175 bus:RegisteredOffice 2024-01-01 2024-11-30 09877175 bus:OrdinaryShareClass1 2024-01-01 2024-11-30 09877175 bus:LeadAgentIfApplicable 2024-01-01 2024-11-30 09877175 bus:Agent1 2024-01-01 2024-11-30 09877175 bus:Director1 2024-01-01 2024-11-30 09877175 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 09877175 core:IntangibleAssetsOtherThanGoodwill 2024-11-30 09877175 core:FurnitureFittingsToolsEquipment 2023-12-31 09877175 core:FurnitureFittingsToolsEquipment 2024-11-30 09877175 core:AfterOneYear 2024-11-30 09877175 core:AfterOneYear 2023-12-31 09877175 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09877175 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-11-30 09877175 core:WithinOneYear 2024-11-30 09877175 core:WithinOneYear 2023-12-31 09877175 core:ShareCapital 2024-11-30 09877175 core:ShareCapital 2023-12-31 09877175 core:RetainedEarningsAccumulatedLosses 2024-11-30 09877175 core:RetainedEarningsAccumulatedLosses 2023-12-31 09877175 core:ShareCapital 2022-12-31 09877175 core:RetainedEarningsAccumulatedLosses 2022-12-31 09877175 core:PreviouslyStatedAmount core:ShareCapital 2024-11-30 09877175 bus:OrdinaryShareClass1 core:ShareCapital 2024-11-30 09877175 bus:OrdinaryShareClass1 core:ShareCapital 2023-12-31 09877175 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 09877175 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 09877175 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-11-30 09877175 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-11-30 09877175 core:CostValuation core:Non-currentFinancialInstruments 2024-11-30 09877175 core:Non-currentFinancialInstruments 2024-11-30 09877175 core:Non-currentFinancialInstruments 2023-12-31 09877175 core:FurnitureFittingsToolsEquipment 2023-12-31 09877175 bus:SmallEntities 2024-01-01 2024-11-30 09877175 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-11-30 09877175 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-11-30 09877175 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-11-30 09877175 bus:FullAccounts 2024-01-01 2024-11-30
Company registration number: 09877175
FIELDWORK MUSIC LIMITED
Trading as Fieldwork Music Limited
Unaudited filleted financial statements
30 November 2024
FIELDWORK MUSIC LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
FIELDWORK MUSIC LIMITED
Directors and other information
Director Mr John McDaid
Company number 09877175
Registered office Suite G04
1 Quality Court
Chancery Lane
London
WC2A 1HR
Business address Suite G04
1 Quality Court
Chancery Lane
London
WC2A 1HR
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Metro Bank
1 Southampton Row
London
WC1B 5HA
FIELDWORK MUSIC LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of FIELDWORK MUSIC LIMITED
Period ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FIELDWORK MUSIC LIMITED for the period ended 30 November 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of FIELDWORK MUSIC LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of FIELDWORK MUSIC LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FIELDWORK MUSIC LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that FIELDWORK MUSIC LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FIELDWORK MUSIC LIMITED. You consider that FIELDWORK MUSIC LIMITED is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of FIELDWORK MUSIC LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
28 August 2025
FIELDWORK MUSIC LIMITED
Statement of financial position
30 November 2024
30/11/24 31/12/23
Note £ £ £ £
Fixed assets
Intangible assets 6 1,564,064 1,659,074
Tangible assets 7 426,538 395,144
Investments 8 24,164,024 21,931,461
_______ _______
26,154,626 23,985,679
Current assets
Debtors:
Amounts falling due after more than one year 9 5,570,365 5,557,330
Amounts falling due within one year 9 2,083,574 3,620,669
Cash at bank and in hand 2,156,257 3,899,942
_______ _______
9,810,196 13,077,941
Creditors: amounts falling due
within one year 10 ( 2,605,806) ( 3,439,376)
_______ _______
Net current assets 7,204,390 9,638,565
_______ _______
Total assets less current liabilities 33,359,016 33,624,244
Creditors: amounts falling due
after more than one year 11 ( 7,958,059) ( 7,955,531)
Provisions for liabilities ( 703,918) ( 459,495)
_______ _______
Net assets 24,697,039 25,209,218
_______ _______
Capital and reserves
Called up share capital 12 1 1
Profit and loss account 24,697,038 25,209,217
_______ _______
Shareholder funds 24,697,039 25,209,218
_______ _______
For the period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr John McDaid
Director
Company registration number: 09877175
FIELDWORK MUSIC LIMITED
Statement of changes in equity
Period ended 30 November 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2023 1 22,755,071 22,755,072
Profit for the period 4,554,146 4,554,146
_______ _______ _______
Total comprehensive income for the period - 4,554,146 4,554,146
Dividends paid and payable ( 2,100,000) ( 2,100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,100,000) ( 2,100,000)
_______ _______ _______
At 31 December 2023 and 1 January 2024 1 25,209,217 25,209,218
Profit for the period 2,287,821 2,287,821
_______ _______ _______
Total comprehensive income for the period - 2,287,821 2,287,821
Dividends paid and payable ( 2,800,000) ( 2,800,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,800,000) ( 2,800,000)
_______ _______ _______
At 30 November 2024 1 24,697,038 24,697,039
_______ _______ _______
FIELDWORK MUSIC LIMITED
Notes to the financial statements
Period ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fieldwork Music Limited, Suite G04, 1 Quality Court, Chancery Lane, London, WC2A 1HR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Song Rights - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 6 (2023: 6 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
Period Year
ended ended
30/11/24 31/12/23
£ £
Remuneration 11,400 12,437
_______ _______
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2024 and 30 November 2024 2,072,956 2,072,956
_______ _______
Amortisation
At 1 January 2024 413,882 413,882
Charge for the period 95,010 95,010
_______ _______
At 30 November 2024 508,892 508,892
_______ _______
Carrying amount
At 30 November 2024 1,564,064 1,564,064
_______ _______
At 31 December 2023 1,659,074 1,659,074
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2024 657,597 657,597
Additions 100,925 100,925
_______ _______
At 30 November 2024 758,522 758,522
_______ _______
Depreciation
At 1 January 2024 262,453 262,453
Charge for the year 69,531 69,531
_______ _______
At 30 November 2024 331,984 331,984
_______ _______
Carrying amount
At 30 November 2024 426,538 426,538
_______ _______
At 31 December 2023 395,144 395,144
_______ _______
8. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 January 2024 100 21,931,361 21,931,461
Additions - 11,272,923 11,272,923
Disposals - ( 9,986,659) ( 9,986,659)
Fair value adjustment - 946,299 946,299
_______ _______ _______
At 30 November 2024 100 24,163,924 24,164,024
_______ _______ _______
Impairment
At 1 January 2024 and 30 November 2024 - - -
_______ _______ _______
Carrying amount
At 30 November 2024 100 24,163,924 24,164,024
_______ _______ _______
At 31 December 2023 100 21,931,361 21,931,461
_______ _______ _______
9. Debtors
Debtors falling due within one year are as follows:
30/11/24 31/12/23
£ £
Other debtors 2,083,574 3,620,669
_______ _______
Debtors falling due after one year are as follows:
30/11/24 31/12/23
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,570,365 5,557,330
_______ _______
10. Creditors: amounts falling due within one year
30/11/24 31/12/23
£ £
Trade creditors 99,120 474,305
Corporation tax 416,611 781,365
Social security and other taxes 66,932 72,249
Other creditors 2,023,143 2,111,457
_______ _______
2,605,806 3,439,376
_______ _______
Director's loan amounting to £71,066 (2023 - £84,616) is included in the above and is interest free and repayable on demand.
11. Creditors: amounts falling due after more than one year
30/11/24 31/12/23
£ £
Bank loans and overdrafts 7,958,059 7,955,531
_______ _______
Bank loans totalling £7,958,059 are secured by a Portfolio of Listed Investments.
12. Called up share capital
Issued, called up and fully paid
30/11/24 31/12/23
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
13. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Period Year Period Year
ended ended ended ended
30/11/24 31/12/23 30/11/24 31/12/23
£ £ £ £
Mossbawn Music Ltd 13,035 29,335 5,570,365 5,557,330
_______ _______ _______ _______
Mossbawn Music Ltd is a wholly owned subsidiary of Fieldwork Music Limited. During the period, Mossbawn Music Ltd received £13,035 (2023 - £29,335) from Fieldwork Music Limited. At 30 November 2024, Mossbawn Music Ltd owed Fieldwork Music Limited £5,570,365 (2023 - £5,5257,330). Mr John McDaid , director, is a 100% shareholder of Tollund Ltd. During the period, Fieldwork Music Limited loaned Tollund Ltd £12,035 (2023 - £770,390) on which interest is also charged. At 30 November 2024, Tollund Ltd owed Fieldwork Music Limited £855,166 (2023 -£770,390).During the period, Fieldwork Music Limited paid dividends of £2,800,000 (2023 - £2,100,000) to Mr John McDaid , sole director of the company.
14. Controlling party
Mr John McDaid, director and 100% shareholder, is considered to be the company's controlling party.