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Registered number: 10343399 MODERN SKY ENTERTAINMENT (UK) LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
MODERN SKY ENTERTAINMENT (UK) LTD REGISTERED NUMBER: 10343399 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 282,724 |  | 188,002
Tangible assets | 6 |  | 3,278 |  | 4,093
Investments | 7 |  | 5,000 |  | -
|  |  | 291,002 |  | 192,095
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 856,023 |  | 737,066 |
Cash at bank and in hand | 9 | 166,314 |  | 557,252 |
|  | 1,022,337 |  | 1,294,318 |
Creditors: amounts falling due within one year | 10 | (373,794) |  | (654,011) |
Net current assets |  |  | 648,543 |  | 640,307
Total assets less current liabilities |  |  | 939,545 |  | 832,402
Creditors: amounts falling due after more than one year | 11 |  | (1,467,030) |  | (1,477,030)
Net liabilities |  |  | (527,485) |  | (644,628)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | (527,486) |  | (644,629)
|  |  | (527,485) |  | (644,628)
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MODERN SKY ENTERTAINMENT (UK) LTD REGISTERED NUMBER: 10343399 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 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 statement of income and retained earnings 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:
................................................ Li Hui Shen
Director
Date: 9 March 2026
The notes on pages 3 to 11 form part of these financial statements. Page 2
MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 10343399). The address of the registered office is Studio F, 16 Jordan Street, Liverpool, L1 0BP. These financial statements present information about the Company as an individual undertaking. The principal activities of the Company are that of artist and music production. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 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 has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. Page 3
MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 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. Page 4
MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | 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. Page 5
MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed 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:
|  |  |  | Office equipment | - | 25% | on cost
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.
| 2.12 | Impairment of fixed assets and goodwill
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 (CGUs). 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.
| 2.13 | 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.
| 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.
| 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. Page 6
MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The directors have made judgements regarding the value of bad debts and the impairment of intangible assets.
4. | Employees
| The average monthly number of employees, including directors, during the year was 7 (2023 - 9).
5. | Intangible assets
|  | Contracts
|  | £
| Cost |
| At 1 January 2024 | 342,306
| Additions | 156,750
| At 31 December 2024 | 499,056
| Amortisation |
| At 1 January 2024 | 154,304
| Charge for the year on owned assets | 53,107
| Impairment charge | 8,921
| At 31 December 2024 | 216,332
| Net book value |
| At 31 December 2024 | 282,724
| At 31 December 2023 | 188,002
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MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 9,061
| Additions | 1,231
| At 31 December 2024 | 10,292
| Depreciation |
| At 1 January 2024 | 4,968
| Charge for the year on owned assets | 2,046
| At 31 December 2024 | 7,014
| Net book value |
| At 31 December 2024 | 3,278
| At 31 December 2023 | 4,093
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MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Fixed asset investments
|  | Other fixed asset investments
|  | £
| Cost or valuation |
| Additions | 5,000
| At 31 December 2024 | 5,000
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 166,904 | 349,678
| Other debtors | 506,121 | 327,339
| Prepayments and accrued income | 182,998 | 60,049
|  | 856,023 | 737,066
9. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 166,314 | 557,252
|  | 166,314 | 557,252
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MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 9,999 | 10,000
| Trade creditors | 249,733 | 356,893
| Other taxation and social security | 57,999 | 12,560
| Other creditors | 44,063 | 21,097
| Accruals and deferred income | 12,000 | 253,461
|  | 373,794 | 654,011
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 9,168 | 19,168
| Other creditors | 1,457,862 | 1,457,862
|  | 1,467,030 | 1,477,030
12. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 9,999 | 10,000
| Amounts falling due 1-2 years |  |
| Bank loans | 9,168 | 10,000
| Amounts falling due 2-5 years |  |
| Bank loans | - | 9,168
|  | 19,167 | 29,168
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MODERN SKY ENTERTAINMENT (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Financial instruments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 166,314 | 557,252
| Financial assets measured at fair value through profit or loss comprise of cash at bank.
| Financial assets measured at amortised cost comprise of trade and other debtors.
| Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.
14. | Pension commitments
The company operates a defined contributions pension 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 £4,898 (2023: £3,970). Cotributions totalling £1,115 (2023: £804) were payable to the fund at the reporting date and are included in creditors.
15. | Related party transactions
| Included in other creditors is an amount of £1,457,619 (2023: £1,457,619) due to Beijing Modern sky Culture Development Co. Ltd, the parent company. The loan is repayable on demand and no interest has been charged. Also included in other creditors is an amount of £42,947 (2023 £20,292) due to Liverpool Sound City Ltd, a company under common control. The loan is repayable on demand and no interest has been charged.
16. | Controlling party
The immediate and ultimate controlling party is Beijing Modern Sky Culture Development Co. Ltd, a company registered in China.
17. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 9 March 2026 by Eifion Roberts (Senior statutory auditor) on behalf of Langtons Chartered Accountants & Business Advisors.
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