BLUE_RAINCOAT_ARTISTS_LIM - Accounts

The Directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Blue Raincoat Artists Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, Charles House, 5-11 Regent Street, St James's, London, SW1Y 4LR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value, where applicable. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The comparative period is the year ended 30 June 2019.

The financial statements have been prepared on a going concern basis, as the directors are satisfied that the company will continue in operational existence for a period of at least twelve months from the date of approval of the truefinancial statements, based upon the finances available and the support of the shareholders and related companies. The financial statements do not reflect any adjustments that would result from the company not being a going concern.

The company shortened its financial year end to 31 March to be the same financial year end as that of the company's parent company. These financial statements are therefore for a period which is shorter than 12 months.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Commission income is recognised when amounts due are known. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method, 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. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease, except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the period was:

Investments in subsidiaries are valued at cost less provision for impairment.

The company's fixed asset investment relates to its wholly owned subsidiary company C.M.O. Management Limited. C.M.O. Management Limited is incorporated in England and Wales and is dormant. Its registered office is the same as that of this company.

On 21 February 2020, the company allotted 5,000 Ordinary shares for £9.00 per share and 55,220 Ordinary shares for £9.59 per share. The nominal value of the shares is £0.0001 each and the excess of the purchase price over the nominal value of the shares has been added to the share premium account.

On 24 February 2020, the company re-purchased and subsequently cancelled 12,500 Ordinary shares at a purchase price of £12.00 per share. The nominal value of the shares is £0.0001 and the excess of the re-purchase price over the nominal value of the shares has been deducted from the share premium account.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Blue Raincoat Music Limited is considered to be a related party as it shares the same parent company. During the period, the company was charged management charges of £Nil (2019: £205,700) by Blue Raincoat Music Limited and charged Blue Raincoat Music Limited management charges of £833 (2019: £Nil).

The company was recharged costs by Blue Raincoat Music Limited of £13,130 (2019: £29,372).

An amount of £200,000 (2019: £Nil) due to Blue Raincoat Music Limited was waived during the period and this amount has been included as an exceptional gain in full in the period to 31 March 2020.

Trade creditors include £Nil (2019: £59,907) due to Blue Raincoat Music Limited and Other creditors include £Nil (2019: £240,000) owed to Blue Raincoat Music Limited.

Blue Raincoat Songs Limited is considered to be a related party due to common directorships. During the period, the company charged £Nil (2019: £50,000) to Blue Raincoat Songs Limited.

An amount of £50,000 (2019: £Nil) due from Blue Raincoat Songs Limited was waived during the period and this amount has been included as an exceptional loss in full in the period to 31 March 2020.

Other debtors include £Nil (2019: £50,000) owed by Blue Raincoat Song Limited.

The immediate parent company is Reservoir Media Management, Inc. Reservoir Media Management, Inc is incorporated in the United States of America.

The ultimate parent company is Persis Holdings Limited, by virtue of its controlling shareholding in the company. Persis Holdings Limited is incorporated in Canada.