ST Music Europe Limited - Filleted accounts

Registered number

10886078

ST Music Europe Limited

Annual report and financial statements

31 December 2024

Pages for filing with Registrar

ST Music Europe Limited
Registered number:		10886078
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Current assets
Debtors	4	41,715,908			28,728,159
Cash at bank and in hand		7,738,783			5,828,255
		49,454,691			34,556,414

Creditors: amounts falling due within one year	5	(52,220,521)			(35,962,091)

Net current liabilities			(2,765,830)			(1,405,677)

Net liabilities			(2,765,830)			(1,405,677)

Capital and reserves
Called up share capital			1			1
Profit and loss account			(2,765,831)			(1,405,678)

Shareholders' funds			(2,765,830)			(1,405,677)

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Ms Elizabeth Northeast
Director
Approved by the board on 30 September 2025

ST Music Europe Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	The financial statements have been prepared on a going concern basis. The company is supported by group loans which will not be called in for repayment until ST Music Europe Ltd has sufficient funds. Downtown Music UK have been confirmed they will continue to provide ongoing support both financial and other. Having regard to this intention, the director believes it is appropriate to prepare these financial statements on a going concern basis.

	Turnover
	Turnover is recognised at the fair value of the consideration received or receivable for music publishing royalties and is shown net of VAT.

	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

	Financial instruments
	The company has only basic financial instruments. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. Basic financial liabilities Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases
	Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed


2	Audit information

	The audit report is unqualified.

	Senior statutory auditor:	Shaun Philpott FCA
	Firm:	TAG Assurance Services Limited
	Date of audit report:	30 September 2025


3	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		3		1


4	Debtors		2024		2023
£				£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest		41,715,908		28,728,159


5	Creditors: amounts falling due within one year		2024		2023
£				£

	Amounts owed to group undertakings and undertakings in which the company has a participating interest		49,421,442		32,395,346
	Taxation and social security costs		2,796,179		2,128,924
	Other creditors		2,900		1,437,821
			52,220,521		35,962,091


6	Subsequent events

	On December 16, 2024, the Parent entered into a definitive agreement with Virgin Music Group whereby it would acquire Downtown Music Holdings LLC for cash consideration of USD $775,000,000. However, the acquisition is subject to regulatory approvals and has not officially closed as of the date of these financial statements. If the transaction does eventually close, it would result in a change of control of the Company.


7	Other information

	ST Music Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
	7 Bell Yard
	London
	WC2A 2JR