ACCOUNTS - Final Accounts

Registered number: 03671508

FREAK'N SEE MUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


FREAK'N SEE MUSIC LIMITED REGISTERED NUMBER:03671508

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		804		804
			804		804
Current assets
Debtors: amounts falling due within one year	5	145,460		117,974
Cash at bank and in hand	6	2,337		3,278
		147,797		121,252
Creditors: amounts falling due within one year	7	(122,704)		(91,791)
Net current assets			25,093		29,461
Total assets less current liabilities			25,897		30,265

Net assets			25,897		30,265

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		25,797	30,165
		25,897	30,265

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FREAK'N SEE MUSIC LIMITED REGISTERED NUMBER:03671508

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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:

S H C Bentolila

Director

Date: 1 October 2025

The notes on pages 3 to 8 form part of these financial statements.

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Freak'N See Music Limited is a private company, limited by shares, registered in England and Wales, registration number 03671508. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of music production, music publishing and music management and consulting.

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 Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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 year 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.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit and loss account.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from music production, music publishing and music management and consulting is recognised when it is probable the company will received the rights to the consideration due under the contract.

Royalties receivable are recognised in the accounting year in which it was received.
Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Interest income

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

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.7

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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

33.3%

straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Investments in associates

Associates are held at cost less impairment.

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

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.

2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, loans with related parties and investments in ordinary shares.

Employees

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

4.	Fixed asset investments

	Investments in subsidiary company	Investment in joint ventures	Total
	£	£	£
Cost
At 1 January 2024	802	2	804
At 31 December 2024	802	2	804

Net book value
At 31 December 2024	802	2	804
At 31 December 2023	802	2	804

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking
The following was a subsidiary undertaking of the company:
Name	Country of registration	Principal activity	Class of shares	Holding

Freak N See Music Inc.

United States

Music publishing

Ordinary

100%

Joint venture
The following was a joint venture of the company:
Name	Country of registration	Principal activity	Holding

3I Music Limited

United Kingdom

Consultancy

50%

Debtors


					2024	2023
					£	£


Trade debtors	16,663	2,584
Amounts owed by group undertakings	86,153	90,109
Other debtors	10,400	5,833
Prepayments and accrued income	32,244	19,448
	145,460	117,974

6.	Cash
		2024	2023
		£	£

Cash at bank	2,337	3,278
Less: bank overdrafts	-	(22)
	2,337	3,256

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Bank overdrafts	-	22
Trade creditors	30,373	27,758
Other taxation and social security	5,239	750
Other creditors	37,824	36,038
Accruals	49,268	27,223
	122,704	91,791

Coutts & Co holds a charge containing a negative pledge over the assets of the company in respect of all the amounts due from the company.
Heathmans Holdings Limited holds a charge by way of fixed charge all interest in the account and the deposit fund.

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

26 (2023 - 26) Ordinary A shares of £1.00 each	26	26
49 (2023 - 49) Ordinary B shares of £1.00 each	49	49
25 (2023 - 25) Ordinary C shares of £1.00 each	25	25

	100	100

9.	Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,200 (2023 - £2,400).

10.	Transactions with directors

As at the year end, the company owed £11,452 (2023 - £14,910) to the directors. This loan is interest free and repayable on demand.

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FREAK'N SEE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.

Related party transactions

As at the year end, a balance of £20,930 (2023 - £20,930) was due to a shareholder. The loan is unsecured, interest free and repayable on demand.
As at the year end, a balance of £750 (2023 - £NIL) was due from a joint venture. The loan is unsecured, interest free and repayable on demand.
No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

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