Nick Mason Music Limited Filleted accounts for Companies House (small and micro)

Nick Mason Music Limited Filleted accounts for Companies House (small and micro)

NICK MASON MUSIC LIMITED - Company Information

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11 false false false false false false false false false true false false false false false false No description of principal activity 2019-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 130,667 130,667 xbrli:pure xbrli:shares iso4217:GBP 01073698 2019-07-01 2020-06-30 01073698 2020-06-30 01073698 2019-06-30 01073698 2018-07-01 2019-06-30 01073698 2019-06-30 01073698 core:FurnitureFittings 2019-07-01 2020-06-30 01073698 bus:Director2 2019-07-01 2020-06-30 01073698 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-06-30 01073698 core:LandBuildings 2019-06-30 01073698 core:PlantMachinery 2019-06-30 01073698 core:FurnitureFittings 2019-06-30 01073698 core:LandBuildings 2020-06-30 01073698 core:PlantMachinery 2020-06-30 01073698 core:FurnitureFittings 2020-06-30 01073698 core:LandBuildings 2019-07-01 2020-06-30 01073698 core:PlantMachinery 2019-07-01 2020-06-30 01073698 core:WithinOneYear 2020-06-30 01073698 core:WithinOneYear 2019-06-30 01073698 core:ShareCapital 2020-06-30 01073698 core:ShareCapital 2019-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2020-06-30 01073698 core:RetainedEarningsAccumulatedLosses 2019-06-30 01073698 core:BetweenOneFiveYears 2020-06-30 01073698 core:BetweenOneFiveYears 2019-06-30 01073698 core:LandBuildings 2019-06-30 01073698 core:PlantMachinery 2019-06-30 01073698 core:FurnitureFittings 2019-06-30 01073698 bus:SmallEntities 2019-07-01 2020-06-30 01073698 bus:AuditExemptWithAccountantsReport 2019-07-01 2020-06-30 01073698 bus:FullAccounts 2019-07-01 2020-06-30 01073698 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 01073698 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 01073698 core:LandBuildings core:LongLeaseholdAssets 2019-07-01 2020-06-30 01073698 core:OtherRelatedParties 2019-07-01 2020-06-30
COMPANY REGISTRATION NUMBER: 01073698
Nick Mason Music Limited
Filleted Unaudited Financial Statements
30 June 2020
Nick Mason Music Limited
Statement of Financial Position
30 June 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
6
115,083
159,290
Current assets
Debtors
7
6,195,326
13,180,464
Cash at bank and in hand
75,293
169,370
------------
-------------
6,270,619
13,349,834
Creditors: amounts falling due within one year
8
( 1,625,089)
( 5,133,494)
------------
-------------
Net current assets
4,645,530
8,216,340
------------
------------
Total assets less current liabilities
4,760,613
8,375,630
Provisions
Taxation including deferred tax
( 20,845)
( 22,550)
------------
------------
Net assets
4,739,768
8,353,080
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,739,668
8,352,980
------------
------------
Shareholders funds
4,739,768
8,353,080
------------
------------
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.
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nick Mason Music Limited
Statement of Financial Position (continued)
30 June 2020
These financial statements were approved by the board of directors and authorised for issue on 2 February 2021 , and are signed on behalf of the board by:
S Brittan
Director
Company registration number: 01073698
Nick Mason Music Limited
Notes to the Financial Statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Ym&u Business Management Ltd, 180 Great Portland Street, London, W1W 5QZ, England.
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 measured at fair value through profit or loss.
Copyrights
Included within intangible assets are copyrights relating to a US tour. As the tour was completed a number of years ago, these have been written down to a nil value.
Going concern
In the opinion of the directors, the going concern basis remains appropriate as the loans due from group companies are considered recoverable and confirmation has been received from a director that he will continue to support the company for a minimum of 12 months from the date of the approval of the accounts.
Revenue recognition
Turnover represents the value of royalties receivable and continuing income derived from tours earned during the year, stated net of Value Added Tax.
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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Included within intangible assets are copyrights relating to a US tour .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
Straight line over term of lease - 5 years
Plant and Machinery
-
15% and 33% straight line
Fixtures and Fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contract actual arrangement, as either financial assets, financial liabilities or equity instruments of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income statement.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2019: 10 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2019 and 30 June 2020
130,667
---------
Amortisation
At 1 July 2019 and 30 June 2020
130,667
---------
Carrying amount
At 30 June 2020
–
---------
At 30 June 2019
–
---------
6. Tangible assets
Leasehold Improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2019
16,581
268,591
153,681
438,853
Additions
–
17,865
–
17,865
Disposals
–
–
( 1,188)
( 1,188)
--------
---------
---------
---------
At 30 June 2020
16,581
286,456
152,493
455,530
--------
---------
---------
---------
Depreciation
At 1 July 2019
6,131
182,399
91,033
279,563
Charge for the year
3,875
45,048
13,149
62,072
Disposals
–
–
( 1,188)
( 1,188)
--------
---------
---------
---------
At 30 June 2020
10,006
227,447
102,994
340,447
--------
---------
---------
---------
Carrying amount
At 30 June 2020
6,575
59,009
49,499
115,083
--------
---------
---------
---------
At 30 June 2019
10,450
86,192
62,648
159,290
--------
---------
---------
---------
7. Debtors
2020
2019
£
£
Trade debtors
1,479
115,491
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,639,982
12,712,937
Other debtors
2,553,865
352,036
------------
-------------
6,195,326
13,180,464
------------
-------------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
51,483
462,202
Trade creditors
218,016
253,360
Amounts owed to group undertakings and undertakings in which the company has a participating interest
573,690
1,931,605
Corporation tax
–
275,491
Social security and other taxes
429,708
94,460
Other creditors
352,192
2,116,376
------------
------------
1,625,089
5,133,494
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
66,000
66,000
Later than 1 year and not later than 5 years
88,000
154,000
---------
---------
154,000
220,000
---------
---------
10. Directors' advances, credits and guarantees
At the period end, a director owed £2,020,864 to the company (2019 - director was owed £1,950,106) by the company. The loan is provided on an interest free basis and is repayable on demand. The maximum amount owing in the period was £2,020,864 (2019 - maximum amount owing to director: £7,646,478). A director has given a limited personal guarantee of £1,000,000 to Barclays Bank Plc. There is also a cross guarantee and debenture between the parent company and Nick Mason Music Limited dated 7 August 2012.
11. Related party transactions
During the period the company paid various expenses on behalf of fellow subsidiaries and related parties and had various expenses paid by fellow subsidiaries and related parties. Balances with fellow subsidiaries and parent company At the period end the company was owed £18,038 (2019 - £10,781,322) from its parent company and fellow subsidiaries. No interest is charged on this loan which is repayable on demand. Transactions with fellow subsidiaries and parent company During the period the company entered into the following transactions in respect of operating services. Receivables:
2020 2019
£ £
Management services 256,000 251,500
Accountancy recharges 1,875 1,875
--------- ---------
257,875 253,375
--------- ---------
Payables:
2020 2019
£ £
Promotional services 50,000 50,000
Rent 60,000 60,000
--------- ---------
110,000 110,000
--------- ---------
Transactions with related companies During the period the company received royalties from companies in which a company director is also a director and shareholder in those companies:
2020 2019
£ £
Royalties 2,865,178 3,055,330
During the period the company provided or received services from companies in which directors of the company are also directors of those companies. Receivables:
2020 2019
£ £
Bookkeeping recharge 1,500 1,500
Payables
2020 2019
£ £
Purchase of goods 1,055
At the period end, the following amounts were outstanding as trade debtors:
2020 2019
£ £
Amounts due – 64,605
In addition to trade debts, the company is also owed £77,500 (2019 - £77,500) relating to a loan made to a company in which a company director is also a director and shareholder in that company. At the period end, the following amounts were outstanding as trade creditors:
2020 2019
£ £
At the period end the following amounts were recognised as accrued income:
2020 2019
£ £
During the period the company was charged the following amounts from companies in which a company director is also a director and shareholder in those companies.
2020 2019
£ £
At period end the following amounts were included as accrued expenses:
2020 2019
£ £
Recharges of expenses 35,000 35,000
The Morntane Executive Pension Scheme paid sundry expenses of £0 (2019 - £222) on behalf of the company. A balance of £944 was outstanding as a debtor at the period end (2019 - £275).