Company registration number: 04964271
COMPANY INFORMATION
CONTENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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:
The notes on pages 3 to 8 form part of these financial statements.
Page 1
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 2
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Muzicall Limited is private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
2.Accounting policies
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:
The Company only enters into basic financial instrument transactions that result in the recognition of financialassets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statement have been prepared using the going concern basis of accounting. In determining whether the Company’s financial statements can be prepared on the going concern basis the Director has considered all factors likely to affect its future development, performance and financial position.
The going concern status of the Company is dependent on the group being able to provide continued support to its subsidiary and therefore the group itself being a concern. The Company has generated a net loss of £146,198 during the year ended 31 December 2024, at that date, the company’s total liabilities exceeded its total assets by £2,101,205. The Company owes £2,813,060 to fellow group company, RealNetworks GmbH (Austria), which is not due for repayment until 2034.
Real Networks LLC ("RN LLC") have confirmed that they have no current intention to liquidate the company in the foreseeable future or to cease trading and as such have prepared the financial statements on a going concern basis. It has committed to providing financial support to the company as is necessary to enable it to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
We confirm the following matters of material uncertainty in relation to going concern of the ultimate parent which were disclosed in the consolidated accounts of the group:
"Liquidity and going concern – RealNetworks LLC incurred an operating loss of $11.6 million for the period January 1, 2024 to December 31, 2024, and had an accumulated deficit of $32.2 million at December 31, 2024.
RealNetworks LLC had unrestricted cash totaling $4.3 million as of December 31, 2024, which included approximately $3.1 million of cash held by its foreign subsidiaries outside the U.S. The Company has evaluated its current liquidity position in light of its history of declining revenue and operating losses as well as its near-term expectations of net negative cash flows from operating activities, which have continued into 2025. Moreover, its operating forecast is largely dependent upon the growth of its emerging SAFR and KONTXT products, and on factors that are outside of its control such as the actions of its competitors. These conditions raise substantial doubt about its ability to continue as a going concern within 12 months from the date these consolidated financial statements are available to be issued. TheCompany’s financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
As discussed in Note 4 – Debt, the Company entered into a loan agreement with Mr. Glaser in early 2023. As of April 30, 2025, the Company has drawn $21.9 million on this loan, which includes accrued interest, and expects to request additional advances in the future. Future advances are always at the discretion of Mr. Glaser. The Company’s existing unrestricted cash balances will not be sufficient to meet its short-term working capital needs. The Company has active plans to mitigate these conditions including further operating expense reductions. In addition, the Company is evaluating various strategic opportunities, which may include selling certain businesses, assets, or product lines, soliciting external investment into certain businesses, or seeking other strategic partnerships. Its plans are subject to inherent risks and uncertainties. Accordingly, there can be no assurance that its plans can be effectively implemented.”
The above matters represent a material uncertainty to the group overall and as such are a material uncertainty to the going concern of the Company. Following consideration of the above factors the Director has considered that it is appropriate to apply the going concern basis.
The going concern status of the Company is dependent on the group being able to provide continued support to its subsidiary and therefore the group itself being a concern. The Company has generated a net loss of £146,198 during the year ended 31 December 2024, at that date, the company’s total liabilities exceeded its total assets by £2,101,205. The Company owes £2,813,060 to fellow group company, RealNetworks GmbH (Austria), which is not due for repayment until 2034.
Real Networks LLC ("RN LLC") have confirmed that they have no current intention to liquidate the company in the foreseeable future or to cease trading and as such have prepared the financial statements on a going concern basis. It has committed to providing financial support to the company as is necessary to enable it to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
We confirm the following matters of material uncertainty in relation to going concern of the ultimate parent which were disclosed in the consolidated accounts of the group:
"Liquidity and going concern – RealNetworks LLC incurred an operating loss of $11.6 million for the period January 1, 2024 to December 31, 2024, and had an accumulated deficit of $32.2 million at December 31, 2024.
RealNetworks LLC had unrestricted cash totaling $4.3 million as of December 31, 2024, which included approximately $3.1 million of cash held by its foreign subsidiaries outside the U.S. The Company has evaluated its current liquidity position in light of its history of declining revenue and operating losses as well as its near-term expectations of net negative cash flows from operating activities, which have continued into 2025. Moreover, its operating forecast is largely dependent upon the growth of its emerging SAFR and KONTXT products, and on factors that are outside of its control such as the actions of its competitors. These conditions raise substantial doubt about its ability to continue as a going concern within 12 months from the date these consolidated financial statements are available to be issued. TheCompany’s financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
As discussed in Note 4 – Debt, the Company entered into a loan agreement with Mr. Glaser in early 2023. As of April 30, 2025, the Company has drawn $21.9 million on this loan, which includes accrued interest, and expects to request additional advances in the future. Future advances are always at the discretion of Mr. Glaser. The Company’s existing unrestricted cash balances will not be sufficient to meet its short-term working capital needs. The Company has active plans to mitigate these conditions including further operating expense reductions. In addition, the Company is evaluating various strategic opportunities, which may include selling certain businesses, assets, or product lines, soliciting external investment into certain businesses, or seeking other strategic partnerships. Its plans are subject to inherent risks and uncertainties. Accordingly, there can be no assurance that its plans can be effectively implemented.”
The above matters represent a material uncertainty to the group overall and as such are a material uncertainty to the going concern of the Company. Following consideration of the above factors the Director has considered that it is appropriate to apply the going concern basis.
Revenue represents amounts receivable for good and services net of VAT and is recognised in the month in which the company supplies the related ring back tone or support services.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 5
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 6
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent of the smallest group for which consolidated financial statements are drawn up is RealNetworks, LLC., a company incorporated in the USA. The address of their registered office is: 568 1st Ave S, Suite 600, Seattle, WA 98104.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The audit report was signed on 29 December 2025 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP .
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