IMG Artists (UK) Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 04851157 (England and Wales)
IMG Artists (UK) Limited
Company Information
Directors
B Wissman
J Martyn
Company number
04851157
Registered office
Mercury House
109-117 Waterloo Road
London
UK
SE1 8UL
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Bankers
HSBC
60 Queen Victoria Street
London
EC4N 4TR
IMG Artists (UK) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
IMG Artists (UK) Limited
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
5
Tangible assets
6
14,278
22,098
Investments
7
87,790
20,134
102,068
42,232
Current assets
Debtors
9
452,500
992,389
Cash at bank and in hand
1,354,063
1,305,485
1,806,563
2,297,874
Creditors: amounts falling due within one year
10
(1,684,245)
(2,159,667)
Net current assets
122,318
138,207
Total assets less current liabilities
224,386
180,439
Creditors: amounts falling due after more than one year
11
(445,742)
Net (liabilities)/assets
(221,356)
180,439
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
(221,357)
180,438
Total equity
(221,356)
180,439
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.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2021 and are signed on its behalf by:
J Martyn
Director
Company Registration No. 04851157
IMG Artists (UK) Limited
Notes to the Financial Statements
For the year ended 31 December 2020
Page 2
1
Accounting policies
Company information
IMG Artists (UK) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mercury House, 109-117 Waterloo Road, London, UK, SE1 8UL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1a of 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS 102
The company has taken advantage of the following exemptions under the provisions of FRS 102:
i. The requirement of Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
IMG Artists (UK) Limited is a wholly owned subsidiary of IMG Artists LLC and the results of IMG Artists (UK) Limited are included in the consolidated financial statements of IMG Artists LLC which are available from IMG Artists LLC at Pleiades House, 7W 54th Street, New York, New York,10019.
1.3
Going concern
At 31 December 2020 the company had net current assets of £122,318 which includes amounts due to group companies of £258,975. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
true
The directors have received sufficient confirmation and assurances that the group companies will not demand repayment of the intercompany loan balances for a period of at least 12 months from the date of signing of these accounts.
Notwithstanding the uncertainty brought about by the ongoing impact of Covid-19, the directors have prepared prudent projections and cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, the company will continue to trade and generate cash from trading in 2021 and 2022.
The directors have considered the ongoing impact of the COVID-19, and the various measures taken to contain it, on the operations of the business in the near future. The directors are committed to continue to grow the business for the ongoing viability and future success of the company.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 3
1.4
Turnover
Turnover represents events and client commission revenue earned excluding Value Added Tax. Event revenue is primarily comprised of sponsorship income, ticket sales income and hospitality services. Client revenue consists of commission earned from appearance fees. Revenue is recognised once the performance/event to which it relates has taken place.
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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the term of the lease
Computer equipment
25% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Cash and cash equivalents
Cash at bank and in hand
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.
1.9
Financial instruments
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
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.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
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.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 5
Basic financial 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
paymen
ts 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. A
m
ounts 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.
Other financial liabilities
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. Difference between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments at the period end.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 lease asset are consumed.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 6
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
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 are included in the
profit and loss account
for the period.
1.16
Client monies
Monies are held on behalf of clients in seperately designated company bank accounts and are included as current assets with corresponding obligations being included in current liabilities.
2
Exceptional costs/(income)
2020
2019
£
£
Intercompany write-back
(79,695)
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31
(2019 - 34).
4
Directors' remuneration
2020
2019
£
£
Remuneration paid to directors
99,489
111,040
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 7
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
927,721
Amortisation and impairment
At 1 January 2020 and 31 December 2020
927,721
Carrying amount
At 31 December 2020
At 31 December 2019
6
Tangible fixed assets
Land and buildings
Computer equipment
Total
£
£
£
Cost
At 1 January 2020
12,952
150,413
163,365
Additions
3,028
3,028
At 31 December 2020
12,952
153,441
166,393
Depreciation and impairment
At 1 January 2020
7,574
133,693
141,267
Depreciation charged in the year
2,591
8,257
10,848
At 31 December 2020
10,165
141,950
152,115
Carrying amount
At 31 December 2020
2,787
11,491
14,278
At 31 December 2019
5,378
16,720
22,098
7
Fixed asset investments
2020
2019
£
£
Investments
87,790
20,134
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
7
Fixed asset investments
(Continued)
Page 8
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020
20,134
Additions
67,656
At 31 December 2020
87,790
Carrying amount
At 31 December 2020
87,790
At 31 December 2019
20,134
8
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Country of
Nature of business
Class of
% Held
Incorporation
shares held
Direct
Indirect
IMG Artists GmbH
Germany
Orchestral Touring and Artist Management
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
IMG Artists GmbH
198,700
(222,112)
9
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
322,101
688,169
Amounts due from group undertakings
31,647
133,258
Other debtors
98,752
170,962
452,500
992,389
Trade debtors disclosed above are measured at amortised cost.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 9
10
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
54,258
Trade creditors
110,803
141,037
Amounts due to group undertakings
258,975
465,817
Other taxation and social security
186,734
130,076
Other creditors
1,073,475
1,422,737
1,684,245
2,159,667
A debenture is
secured by way of
fixed and floating charges
over all assets and undertaking
s
of the entity.
11
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
445,742
12
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
13
Audit report information
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.
The senior statutory auditor was Ian Graham.
The auditor was Moore Kingston Smith LLP.
IMG Artists (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 10
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
187,347
300,905
Between two and five years
237,439
884,358
424,786
1,185,263
15
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
16
Controlling Party
The ultimate parent company that produces consolidated financial statements, IMG Artists LLC, is owned by PPI Talent LLC (a company incorporated in the United States of America and controlled by A.Shustorovich) and W Artists LLC, (a company incorporated in the United States of America which is owned by Sienna Continuity trust. B Wissman is the managing member of W Artists LLC).
Consolidated financial statements can be obtained from IMG Artists LLC at Pleiades House, 7W 54th Street, New York, New York, 10019.
2020-12-31
2020-01-01
false
21 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
B Wissman
J Martyn
London Registrars Limited
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