ACCOUNTS - Final Accounts

Registered number: 00871107

GREENSLEEVES RECORDS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GREENSLEEVES RECORDS LIMITED

REGISTERED NUMBER: 00871107

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		70		70
			70		70
Current assets
Debtors: amounts falling due after more than one year	5	1,573		1,573
Debtors: amounts falling due within one year	5	217,646		846,521
Cash at bank and in hand	6	2,183,092		891,136
		2,402,311		1,739,230
Creditors: amounts falling due within one year	7	(1,891,718)		(1,381,076)
Net current assets			510,593		358,154
Total assets less current liabilities			510,663		358,224

Net assets			510,663		358,224

Capital and reserves
Called up share capital	17,250	17,250
Profit and loss account	493,413	340,974
	510,663	358,224

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GREENSLEEVES RECORDS LIMITED

REGISTERED NUMBER: 00871107

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

V Chin

Director

Date: 29 September 2025

The notes on pages 3 to 7 form part of these financial statements.

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GREENSLEEVES RECORDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The entity is a private company, limited by shares and incorporated in England. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

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.

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GREENSLEEVES RECORDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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 insignificant risk of change in value.

2.7

Creditors

Short-term creditors are measured at the 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.

2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

2.9

Advances

In the ordinary course of business, the company pays advances and other expenses recoupable from future royalties to performing artists, songwriters, producers and third party repertoire owners. The amounts paid are carried at cost less recoupment and less an allowance for any recoupable amounts. The allowance is based on past revenue performance, current popularity and projected revenue advances to be recouped during the business operating cycle. All advances are therefore reported as current assets, including advances recoupable in more than 12 months after the balance sheet date.

2.10

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 accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

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GREENSLEEVES RECORDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Interest income

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

2.12

Taxation

Tax is recognised in profit or loss 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 in the countries where the Company operates and generates income.

Employees

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

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	137
	At 31 December 2024	137
	Impairment
	At 1 January 2024	67
	At 31 December 2024	67
	Net book value
	At 31 December 2024	70
	At 31 December 2023	70

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GREENSLEEVES RECORDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Debtors
		2024	2023
		£	£

Due after more than one year
Due from participating interests	1,573	1,573
	1,573	1,573

					2024	2023
					£	£

Due within one year
Trade debtors	135,867	764,741
Other debtors	81,779	81,780
	217,646	846,521

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	2,183,092	891,136
	2,183,092	891,136

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	304	-
Amounts owed to group undertakings	754,451	628,464
Corporation tax	50,813	39,545
Other creditors	1,083,328	707,449
Accruals and deferred income	2,822	5,618
	1,891,718	1,381,076

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GREENSLEEVES RECORDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Financial guarantees

A cross guarantee between the company and its group undertakings exists securing all liabilities to the bank of up to £700,000.

9.	Related party transactions
	The company has taken advantage of the exemption available in FRS 102 Section 33: Related Party Transactions, whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

10.	Ultimate parent undertaking and controlling party

The ultimate parent company is VP Records (UK) Limited, a company registered in England and Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. There is no overall controlling party.

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 29 September 2025 by (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

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