COMPANY REGISTRATION NUMBER:
09366324
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
4 |
1,975 |
|
1,003 |
|
Cash at bank and in hand |
1 |
|
50 |
|
------- |
|
------- |
|
1,976 |
|
1,053 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
(
3,880,222) |
|
(
3,698,101) |
|
------------ |
|
------------ |
|
Net current liabilities |
|
(
3,878,246) |
(
3,697,048) |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
(
3,878,246) |
(
3,697,048) |
|
|
------------ |
------------ |
|
Net liabilities |
|
(
3,878,246) |
(
3,697,048) |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
6 |
|
100 |
100 |
|
Profit and loss account |
|
(
3,878,346) |
(
3,697,148) |
|
|
------------ |
------------ |
|
Shareholder deficit |
|
(
3,878,246) |
(
3,697,048) |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
1 December 2025
, and are signed on behalf of the board by:
Company registration number:
09366324
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have undertaken a rigorous assessment of the going concern status of the company, for the purpose of preparing the financial statements, and have concluded that the company remains a going concern on the strength that both financial and operational support from within the group continues to be made available for a period of not less than twelve months from the date of approval of the financial statements. The directors have reviewed the group financial position are not aware of any material uncertainty arising from the assessment that would cast significant doubt on the company's ability to continue as a going concern and therefore the financial statements are to be prepared on the going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax. The turnover shown in the profit and loss account represents music royalty revenues received during the period, exclusive of Value Added Tax. Music royalties are recognised as revenue on receipt.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
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 of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
1,975 |
1,003 |
|
------- |
------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to group undertakings |
3,876,722 |
3,694,601 |
|
Accruals and deferred income |
3,500 |
3,500 |
|
------------ |
------------ |
|
3,880,222 |
3,698,101 |
|
------------ |
------------ |
|
|
|
6.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
7.
Summary audit opinion
The auditor's report dated
12 December 2025
was
unqualified
.
The senior statutory auditor was
Mark Richardson
, for and on behalf of
Moore Kingston Smith LLP
.
8.
Related party transactions
The company is a wholly owned subsidiary of M2 Entertainment limited, a company incorporated in the United Kingdom, with a registered address of 10 Orange Street, Haymarket, London, United Kingdom WC2H 7DQ. The company accounts are consolidated within the group financial statements of M2 Group A/S (ultimate parent company), whose registered office address is Filmbyen 23, 4., 8000 Aarhus C, Denmark. The company has taken advantage of the related party disclosure exemptions available under FRS102 Section 1A, where transactions and balances existing between fellow group members (being parent company or wholly owned fellow subsidiary) need not be disclosed. Disclosure is also not required where related party transactions and balances are concluded under normal market conditions.
9.
Controlling party
The immediate parent company is
M2 Entertainment Limited
. The ultimate parent company is M2 Group A/S
, a company registered in Denmark. The ultimate controlling party is M J M Nielsen
by virtue of his shareholding in M2 Group A/S.