Adelphoi Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Adelphoi Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02841965 . The registered office is 26 Litchfield Street, London, WC2H 9TZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The company has taken advantage of the exemption under section 339 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.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	25% per annum on reducing balance
Plant & Machinery	25% per annum on reducing balance

2.5. Financial Instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

2.6. Foreign Currencies

Functional and presentational currency

The company's functional and presentational currency is GBP.

Transactions and balances

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Adelphoi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. 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 other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.9. Fixed Asset Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in statement of income and retained earnings.

2.10. 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 insigificant risk of change in value.

2.11. Additional Accounting Policies

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.

Creditors

Short-term creditors are measured at 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.

Interest Income

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

Employee Benefit

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.

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Adelphoi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2024	177,009	300,757	477,766
Additions	-	2,592	2,592

As at 31 December 2024	177,009	303,349	480,358

Depreciation
As at 1 January 2024	173,256	298,028	471,284
Provided during the period	938	1,114	2,052

As at 31 December 2024	174,194	299,142	473,336

Net Book Value
As at 31 December 2024	2,815	4,207	7,022

As at 1 January 2024	3,753	2,729	6,482

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	965

As at 31 December 2024	965

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	965

As at 1 January 2024	965

The following were subsidiary undertakings of the company at the balance sheet date:

Adelphoi Music Publishing Ltd 87.5% holding, Adelphoi Music Limited 90% holding, Tagat Limited 100% holding, Airstate Ltd 87.5% holding and Valentine Music Ltd 87.5% holding. The details for these subsidiary undertakings at the balance sheet date are;

Registered office - 26 Litchfield Street, London, WC2H 9TZ.
Classes of shares - Ordinary

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Adelphoi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	5	22,306
Prepayments and accrued income	7,494	10,643
Other debtors	19,244	13,515
VAT	-	14,426
Amounts owed by group undertakings	1,598,491	1,532,693

	1,625,234	1,593,583

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	6,987	5,212
Corporation tax	1,663	1,663
VAT	11,658	-
Other creditors	25,766	15,766
Accruals and deferred income	30,957	17,551
Amounts owed to group undertakings	298,409	307,618

	375,440	347,810

9. Related Party Transactions

The company has taken advantage of the exemption available in Section 33.1A for FRS 102 whereby it has not disclosed transactions with any wholly owned undertaking of the group.

At the year end, Adelphoi Limited owed £298,409 (2023 - £307,618) to subsidiary companies which is included within creditors due within one year.

At the year end, Adelphoi Limited was owed £1,598,491 (2023 - £1,532,693) by subsidiary companies which is included in debtors due within one year.

10. Ultimate Controlling Party

The company's ultimate and immediate parent entity is Adelphoi Holdings Limited, a company registered in England and Wales. The registered office of Adelphoi Holdings Limited is 26 Litchfield Street, London, WC2H 9TZ.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,022		6,482
Investments	5		965		965

			7,987		7,447
CURRENT ASSETS
Debtors	6	1,625,234		1,593,583
Cash at bank and in hand		10,718		50,856

		1,635,952		1,644,439
Creditors: Amounts Falling Due Within One Year	7	(375,440 )		(347,810 )

NET CURRENT ASSETS (LIABILITIES)			1,260,512		1,296,629

TOTAL ASSETS LESS CURRENT LIABILITIES			1,268,499		1,304,076

NET ASSETS			1,268,499		1,304,076

CAPITAL AND RESERVES
Called up share capital	8		125		125
Share premium account			1,350,747		1,350,747
Capital redemption reserve			50		50
Profit and Loss Account			(82,423 )		(46,846 )

SHAREHOLDERS' FUNDS			1,268,499		1,304,076