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Registered number: 08540730 SONGTRADR UK LIMITED (formerly Big Sync Music Limited) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) COMPANY INFORMATION
Directors | Paul Lancaster Wiltshire
| Paul Richard Langworthy (Appointed 25 July 2025)
| Gabor Sebok (Appointed 25 July 2025)
Registered number | 08540730
Registered office | Qube Elephant
| 22 Ash Avenue
| London
| SE17 1HS
Independent auditors | Wisteria Audit Ltd
| Statutory Auditors & Chartered Accountants
| The Grange Barn
| Pikes End
| Pinner
| Middlesex
| United Kingdom
| HA5 2EX
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 31
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Principal activity
The Company’s principal activity is as a specialist music agency, servicing brands and their partner's agencies, providing strategic, creative and procurement expertise.
Business review and future outlook
The company continues to focus on new opportunities, as well as synergies within the Songtradr Group of companies and the Songtradr Group. The Directors consider the Company's business and its financial position at the year end satisfactory. Given the current financial position and the owner's willingness to invest and support the Company, the Directors believes that the Company is a going concern.
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to approval and ongoing review by management, compliance with regulation, legal and ethical standards is a high priority for the company and the finance department take on an important oversight role in this regard. The principal market risks from our general business arise from fluctuations in the timing and frequency of projects compared to the Company's expectations as well as seasonal demand changes.
Financials key performance indicators
| 2024 | 2023
| £ | £
Revenue | 14,157,799 | 9,547,951
Gross profit | 1,822,425 | 1,701,277
Operating (Loss) | (624,283) | (807,621)
This report was approved by the board on 14 October 2025 and signed on its behalf.
................................................ Gabor Sebok Director
Page 1
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the audited financial statements for the year ended 31 December 2024.
Results and dividends
The loss for the year, after taxation, amounted to £621,130 (2023: loss £831,732). The shareholders’ deficit of the company totals £1,316,312 (2023: £695,182). No dividends were declared in the year (2023: £nil). Dividends paid in the year were £nil (2023: £nil).
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these audited financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the audited financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Director
The directors who held office during the year and up to the date of signing the financial statements were:
Paul Lancaster Wiltshire
Paul Richard Langworthy (appointed 25 July 2025) Gabor Sebok (appointed 25 July 2025)
Political contributions
The Company made no political donations or incurred any political expenditure during the year or in the prior year. Page 2
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Future developments
The company continues to focus on new opportunities, as well as synergies within the Songtradr Group. The Directors consider the Company's business and its financial position at the year end satisfactory. Given the current financial position and the owners willingness to invest and support the Company, the Directors believe that the Company is a going concern.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
Songtradr Inc (the ultimate parent entity) is executing the next phase of its acquisition integration, including reduction of the number of legal entities. Once completed, this will simplify and streamline internal operations and provide stakeholders with a simplified way of working. To achieve this, the Group needs to merge entities, transfer operations between entities in the Group and close entities. This is simply to improve the Group’s corporate structure, overall business operations and is in line with the process of the Group’s entity rationalisation. As part of this process, the following actions were taken: Employee Transfer On 1 April 2025, the employees of 7digital Limited, MassiveMusic London Limited and Songtradr Limited, all related parties of the Company, were transferred to the Company, giving rise to additional 76 employees in Songtradr UK Limited. Restructuring On 20 June 2025, the assets, liabilities and net equity of MassiveMusic London Limited, a related party of the Company, were transferred to the Company, amounting to a total net asset of £141,063.
Going concern
The Company made a loss for the current financial year of £621,130 (2023: £831,732), has net liabilities of £1,316,312 (2023: net liabilities of £695,182) and has net current liabilities of £1,317,335 as at 31 December 2024 (2023: net current liabilities £693,424). The financial statements have been prepared on a going concern basis, with further details disclosed in note 2.2 of these statements.
Auditors
The auditors, Wisteria Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 3
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 14 October 2025 and signed on its behalf.
................................................ Gabor Sebok Director
Page 4
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED)
Opinion
We have audited the financial statements of Songtradr UK Limited (formely Big Sync Music Limited) (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director is not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 Section 1A applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws. ∙We understood how the Company are complying with those legal and regulatory frameworks through discussions with management and those charged with governance. ∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: o identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; o understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; o challenging assumptions and judgements made by management in its significant accounting estimates; o identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and o assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item. Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; ∙Performing a detailed review of the company’s year-end adjusting entries; ∙Enquiries being made of management with regard to actual and potential litigation and claims; ∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance; ∙Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the existence and cut-off of revenue around the year end; ∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and ∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. Page 7
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) (CONTINUED) These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Barry Au FCA (Senior Statutory Auditor) for and on behalf of Wisteria Audit Ltd Statutory Auditors & Chartered Accountants The Grange Barn Pikes End Pinner Middlesex United Kingdom HA5 2EX 14 October 2025 Page 8
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 14,157,799 | 9,547,951
Cost of sales |  | (12,335,374) | (7,846,674)
Gross profit |  | 1,822,425 | 1,701,277
Administrative expenses |  | (2,446,708) | (2,508,898)
Operating loss | 5 | (624,283) | (807,621)
Amounts written off investments |  | (6) | -
Interest receivable and similar income | 8 | 13,824 | 201
Interest payable and similar expenses |  | (1,192) | (3,163)
Loss before tax |  | (611,657) | (810,583)
Tax on loss | 9 | (9,473) | (21,149)
Loss for the financial year |  | (621,130) | (831,732)
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 31 form part of these financial statements.
Page 9
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) REGISTERED NUMBER: 08540730 BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Fixed assets |  |  |
Tangible assets | 10 | 1,015 | 4,190
Investments | 11 | 8 | 14
|  | 1,023 | 4,204
Current assets |  |  |
Debtors: amounts falling due within one year | 12 | 5,858,750 | 3,028,742
Cash and cash equivalents | 13 | 550,268 | 209,374
|  | 6,409,018 | 3,238,116
Creditors: amounts falling due within one year | 14 | (7,726,353) | (3,931,540)
Net current liabilities |  | (1,317,335) | (693,424)
Total assets less current liabilities |  | (1,316,312) | (689,220)
Other provisions, representing total non-current liabilities | 17 | - | (5,962)
Net liabilities |  | (1,316,312) | (695,182)
Capital and reserves |  |  |
Called up share capital | 18 | 468,302 | 468,302
Profit and loss account | 19 | (1,784,614) | (1,163,484)
|  | (1,316,312) | (695,182)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2025.
................................................ Gabor Sebok
Director
The notes on pages 13 to 31 form part of these financial statements. Page 10
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 468,302 | (331,752) | 136,550
Comprehensive income for the year |  |  |
Loss for the year | - | (831,732) | (831,732)
At 1 January 2024 | 468,302 | (1,163,484) | (695,182)
Comprehensive income for the year |  |  |
Loss for the year | - | (621,130) | (621,130)
At 31 December 2024 | 468,302 | (1,784,614) | (1,316,312)
| The notes on pages 13 to 31 form part of these financial statements.
Page 11
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the year | (624,283) | (807,621)
Adjustments for: |  |
Depreciation of tangible assets | 3,175 | 8,153
(Increase)/decrease in debtors | (987,389) | 14,546
Increase in amounts owed by groups | (1,842,619) | (700,796)
Increase/(decrease) in creditors | 1,334,981 | (233,984)
Increase in amounts owed to groups | 2,449,762 | 626,218
Corporation tax paid | (5,365) | (9,498)
Net cash generated from/(used in) operating activities | 328,262 | (1,102,982)
Cash flows from investing activities |  |
Hire Purchase interest paid | - | (2,962)
Net cash used in investing activities | - | (2,962)
Cash flows from financing activities |  |
Interest received | 13,824 | -
Interest paid | (1,192) | -
Net cash from financing activities | 12,632 | -
Net increase/(decrease) in cash and cash equivalents | 340,894 | (1,105,944)
Cash and cash equivalents at beginning of the year | 209,374 | 1,315,318
Cash and cash equivalents at the end of the year | 550,268 | 209,374
Cash and cash equivalents at the end of the year comprise: |  |
Cash at bank and in hand | 550,268 | 209,374
The notes on pages 13 to 31 form part of these financial statements.
Page 12
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Songtradr UK Limited (formerly Big Sync Music Limited) is a private company limited by share capital, incorporated in England and Wales, registration number 08540730. The address of the registered office is Qube Elephant, 22 Ash Avenue, London, England, SE17 1HS. The Company is exempt by virtue of S400 subject to the small companies' regime of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group. 2.Significant 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company made a loss for the current financial year of £621,130 (2023: £831,732), has net liabilities of £1,316,312 (2023: net liabilities of £695,182) and has net current liabilities of £1,317,335 as at 31 December 2024 (2023: net current liabilities £693,424). The financial statements have been prepared on a going concern basis which the director considers to be appropriate for the following reasons. The director has prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds, through funding from its parent, Songtradr, Inc. to meet its liabilities as they fall due for that period. Those forecasts are dependent on Songtradr, Inc. not seeking repayment of the amounts currently due to the Company, which at the balance sheet date amounted to £3,350,442 (2023: £1,112,230), and providing additional financial support during that period. Songtradr, Inc. has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period of at least 12 months from date of approval of these financial statements. As with any entity placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Songtradr, Inc. is a trading entity and has ready access to cash when required to meet obligations as they fall due. The director believes the Company will continue to have sufficient liquidity and adequate resources to continue in operational existence for at least 12 months from the date of signing of these annual accounts and financial statements. Thus, the Company continues to adopt the going concern basis of accounting in preparing the Company's financial statements. Page 13
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.3 | 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 14
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.4 | Revenue
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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Sale of songs Revenue is from the sale of songs to customers and is recognised when the customer is granted the rights to the song. Turnover comprises both sales where Songtradr UK Limited (formerly Big Sync Music Limited) acts as principal, for which sales and costs are disclosed separately, and sales for which Songtradr UK Limited (formerly Big Sync Music Limited) acts as agent and presents commission fee only.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 15
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.8 | Employee benefits
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.
| 2.9 | 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 income 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible assets
Tangible 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. Page 16
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.10 | Tangible assets (continued)
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:
|  |  |  | Fixtures and fittings | - | 3 years straight line basis
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.
| 2.11 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.13 | 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. Page 17
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.14 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | 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.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Page 18
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 19
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Significant Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements are in conformity with Generally Accepted Accounting Practices (GAAP) requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and their reported amounts of revenues and expenses during the period. Critical judgements There were no judgements required to be made in preparing the accounts which had, or could have had, a material impact on the accounts. Critical estimates There were no estimates required to be made in preparing the accounts which had, or could have had, a material impact on the accounts. Page 20
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Music Licensing | 14,157,799 | 9,547,951
|  | 14,157,799 | 9,547,951
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 6,011,758 | 4,687,705
| Rest of Europe | 5,132,779 | 2,328,250
| Rest of the world | 3,013,262 | 2,531,996
|  | 14,157,799 | 9,547,951
| All turnover is derived from contracts with customers. The following table provides information about opening and closing receivables, accrued income and contract liabilities from contracts with customers:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Receivables | 872,839 | 1,317,768
| Accrued income | 66,000 | -
| Deferred income | 2,856 | -
| The contract liabilities primarily relate to the deferred income. The accrued income relates to revenue which the Company is entitled to bill, but no invoice has been created as at 31 December 2024.
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible assets (note 10) | 3,175 | 8,153
| Foreign exchange losses | 70,586 | 12,517
| Investments written off (note 11) | 6 | -
| Other operating lease rentals | 83,544 | 38,434
Page 21
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 31,040 | 29,560
| Fees payable to the Company's auditors in respect of: |  |
| Preparation of the financial statements | 3,400 | 3,240
| Taxation compliance services | 3,140 | 2,750
7. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 1,082,675 | 1,315,149
| Social security costs | 78,169 | 138,716
| Cost of defined contribution scheme | 52,502 | 31,703
|  | 1,213,346 | 1,485,568
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Management | 2 | 2
|  | Administration | 1 | 1
|  | Operations | 6 | 7
|  |  | 9 | 10
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 13,709 | -
| Other interest receivable | 115 | 201
|  | 13,824 | 201
Page 22
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 9,473 | 21,149
| Total current tax | 9,473 | 21,149
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (611,657) | (810,583)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | (152,914) | (202,646)
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 320 | 1,461
| Expenses not deductible for tax purposes | 3,708 | 3,872
| Pensions | 2,275 | (526)
| Effect of tax losses carried forward | 132,122 | 215,118
| Non trade loan relationships | 14,489 | 3,870
| Prior period tax liability | 9,473 | -
| Total tax charge for the year | 9,473 | 21,149
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Tangible assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 January 2024 | 64,168
| Amounts written off | (39,710)
| At 31 December 2024 | 24,458
| Depreciation |
| At 1 January 2024 | 59,978
| Charge for the year | 3,175
| Amounts written off | (39,710)
| At 31 December 2024 | 23,443
| Net book value |
| At 31 December 2024 | 1,015
| At 31 December 2023 | 4,190
11. | Fixed asset investments
|  | Investments in subsidiaries
|  | £
| Cost |
| At 1 January 2024 | 14
| Amounts written off | (6)
| At 31 December 2024 | 8
| The carrying value of the investment in subsidiary is reviewed for impairment losses at the end of each period and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Directors assessed the carrying value of the investment as at 31 December 2024 with an analysis of the subsidiary's net assets, which resulted in an impairment of £nil (2023: £nil).
Page 24
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Big Sync Music Pte Ltd | Singapore | Ordinary shares | 100%
| Big Sync Music Pty, Ltd | Australia | Ordinary shares | 100%
| Big Sync Music SAS | France | Ordinary shares | 100%
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Big Sync Music Pte Ltd | 561,355 | 147,783
| Big Sync Music Pty, Ltd | (553,373) | (162,603)
| Big Sync Music SAS | (296,724) | (17,157)
Page 25
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 872,839 | 1,317,768
| Amounts owed by group undertakings | 3,197,995 | 1,355,376
| Other debtors | 294,244 | 19,764
| Prepayments | 1,416,299 | 324,461
| Accrued income | 66,000 | -
| Deferred taxation | 11,373 | 11,373
|  | 5,858,750 | 3,028,742
| Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Trade debtors are stated after a provision for impairment of £31,376 (2023: £15,725) which has been recognised within the administrative expenses.
13. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank | 550,268 | 209,374
14. | Creditors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 2,783,916 | 1,239,168
| Amounts owed to group undertakings | 3,720,528 | 1,270,766
| Corporation tax | 26,918 | 48,068
| Other taxation and social security | 19,795 | -
| Other creditors | 48,970 | 21,425
| Accruals | 1,123,370 | 1,352,113
| Deferred income | 2,856 | -
|  | 7,726,353 | 3,931,540
| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Page 26
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Financial instruments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 4,621,102 | 2,882,518
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 6,573,209 | 2,531,359
| Financial assets consist of cash at bank, trade debtors, and amounts owed by group undertakings, as these represent contractual entitlement to receive cash.
| Financial liabilities consist of trade creditors, amounts owed to group undertakings, and accruals as these represent a contractual obligation to pay cash.
16. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 11,373
| Charged to profit or loss | -
| At end of year | 11,373
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 1,903 | 6,409
| Tax losses carried forward | - | 4,964
| Other timing differences | 9,470 | -
|  | 11,373 | 11,373
Page 27
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Provisions
|  | Withholding tax provision
|  | £
| At 1 January 2024 | 5,962
| Utilised in year | (5,962)
| At 31 December 2024 | -
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 859,280 (2023 - 859,280) A shares of £0.0010 each | 859 | 859
|  | 442,538 (2023 - 443,538) B shares of £0.0010 each | 443 | 443
|  | 467,000 (2023 - 467,000) Preferred shares of £1.0000 each | 467,000 | 467,000
|  |  | 468,302 | 468,302
| The preferred shares are redeemable on liquidation. The premium on redemption is Preferred Ordinary Share at the rate of 8% per annum (compounded annually). Any variation of rights (including actions relation to redemption or Company buy-back) can only be approved by shareholder consent.
19. | Reserves
Profit and loss account All current and prior period retained earnings.
20. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 11,484 | 3,976
|  | 11,484 | 3,976
Page 28
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Related party transactions
| At the year end the company has the following amounts owed (to)/from related parties:
|  | 2024 | 2023
|  | £ | £
| 1107 Studios Ltd UK | (4,561) | 1,479
| 7digital Group Ltd | (11,163) | (55,815)
| 7digital Limited UK | (61,514) | -
| Big Sync Music SAS | 273,717 | 261,944
| Big Sync Music Gmbh | - | (391)
| Big Sync Music Pte Ltd | 52,602 | (2,646)
| Big Sync Music Pty Ltd AU | 188,197 | 171,849
| Massive Music BV | (70,994) | (23,334)
| MassiveMusic London Ltd | (125,302) | (53,601)
| MassiveMusic North America LLC | - | (11,887)
| MassivePublishing Australia Pty Ltd AUS | (32) | -
| MassiveMusic Singapore | 105,152 | 98,184
| Musicube | 292,327 | 86,753
| Songtradr Brazil | 24,498 | 24,498
| Songtradr Ltd | 2,255,957 | 657,677
| Songtradr Inc US | (3,423,706) | (1,112,230)
| Songtradr Rights Management LLC | - | 52,992
| ST AU | (6,624) | (7,165)
| ST SZ Sydney | (11,087) | (3,697)
|  | (522,533) | 84,610
Page 29
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Related party transactions (continued)
| The financial statements also include the following operating income from/(expenditure with) Songtradr, Inc and its group companies:
|  | 2024 | 2023
|  | £ | £
| Songtradr, Inc | (694,430) | (1,072,185)
| Songtradr Ltd | - | (43,213)
| Big Sync Music SAS | - | (221,127)
| 7digital Group Ltd | - | (55,815)
| Massive Music BV | (8,431) | (23,321)
| MassiveMusic London Ltd | (8,950) | (127,157)
| Big Sync Music Pty Ltd AU | (4,735) | (870)
| 1107 Studios Ltd UK | (75,704) | (38,810)
| MassiveMusic North America LLC US | (2,096) | -
| Songtradr AU | - | (7,165)
| Songtradr SZ Sydney | (2,312) | (55,757)
|  | (796,658) | (1,645,420)
| No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102, except as disclosed above.
22. | Post balance sheet events
Songtradr Inc (the ultimate parent entity) is executing the next phase of its acquisition integration, including reduction of the number of legal entities. Once completed, this will simplify and streamline internal operations and provide stakeholders with a simplified way of working. To achieve this, the Group needs to merge entities, transfer operations between entities in the Group and close entities. This is simply to improve the Group’s corporate structure, overall business operations and is in line with the process of the Group’s entity rationalisation. As part of this process, the following actions were taken: Employee Transfer On 1 April 2025, the employees of 7digital Limited, MassiveMusic London Limited and Songtradr Limited, all related parties of the Company, were transferred to the Company, giving rise to additional 76 employees in Songtradr UK Limited. Restructuring On 20 June 2025, the assets, liabilities and net equity of MassiveMusic London Limited, a related party of the Company, were transferred to the Company, amounting to a total net asset of £141,063. Page 30
SONGTRADR UK LIMITED (FORMELY BIG SYNC MUSIC LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Controlling party
Songtradr UK Limited is a fully owned subsidiary of Songtradr, Inc., a private company limited by share capital, incorporated in the United States of America, registration number 5503683. The address of the registered office is 8605 Santa Monica Blvd, PMB 40672, West Hollywood, California, 90069-4109, USA.
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