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

NICK MASON MUSIC OVERSEAS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01074830

Nick Mason Music Overseas Limited

Filleted Unaudited Financial Statements

30 June 2022

Nick Mason Music Overseas Limited

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	4	6,764,502	4,951,484
Cash at bank and in hand		2,738	24,295
		------------	------------
		6,767,240	4,975,779

Creditors: amounts falling due within one year	5	( 416,633)		( 208,934)
		------------		------------
Net current assets			6,350,607	4,766,845
			------------	------------
Total assets less current liabilities			6,350,607	4,766,845
			------------	------------
Net assets			6,350,607	4,766,845
			------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	6,350,507	4,766,745
	------------	------------
Shareholders funds	6,350,607	4,766,845
	------------	------------

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 2022 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 .

These financial statements were approved by the board of directors and authorised for issue on 15 March 2023 , and are signed on behalf of the board by:

S Brittan

Director

Company registration number: 01074830

Nick Mason Music Overseas Limited

Notes to the Financial Statements

Year ended 30 June 2022

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 Ymu 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.

Revenue recognition

Turnover represents the value of royalties receive and continuing income derived from and related to non-UK tours and other activities earned in 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.

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.

4. Debtors

	2022	2021
	£	£
Trade debtors	578,815	42,310
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6,167,401	4,890,888
Other debtors	18,286	18,286
	------------	------------
	6,764,502	4,951,484
	------------	------------

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	215,980	128,263
Social security and other taxes	95,312	40,365
Other creditors	105,341	40,306
	---------	---------
	416,633	208,934
	---------	---------

6. Directors' advances, credits and guarantees

N B Mason has given a personal unlimited guarantee to Barclays Bank PLC dated 29 November 1985.

7. Related party transactions

During the period the company paid various expenses on behalf of fellow subsidiaries and related parties and had various expenses paid for by fellow subsidiaries and related parties. Balances with fellow subsidiaries and parent company At the period end the company was owed £ 4,564,188 (2021 - £4,890,888) from its parent company and £1,603,214 from a fellow subsidiary (2021 - £Nil) No interest is charged on this loan. At the period end the company owed £nil to a fellow subsidiary (2021 - £nil). At the period end the company owed £ 75,000 (2021:£75,000) to its parent company which is included within trade creditors. At the period end the company owed £144,000 (2021:£15,000) to its fellow subsidiaries which is included within trade creditors. Transactions with fellow subsidiaries During the period the company entered into the following transactions in respect of operating services. Payables:

	2022	2021
	£	£
Management charge	50,000	250,000
Promotional services	57,500	50,000
	---------	---------
Total	107,500	300,000
	---------	---------

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:

	2022	2021
	£	£
Royalties	1,900,677	1,286,069