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Unaudited Financial Statements for the Year Ended 28 February 2017 |
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Phantom Music Management Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28 February 2017 |
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for |
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Phantom Music Management Ltd |
Phantom Music Management Ltd (Registered number: 05919540) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Phantom Music Management Ltd |
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Company Information |
for the Year Ended 28 February 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Phantom Music Management Ltd (Registered number: 05919540) |
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Balance Sheet |
28 February 2017 |
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28.2.17 | 29.2.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Phantom Music Management Ltd (Registered number: 05919540) |
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Balance Sheet - continued |
28 February 2017 |
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28.2.17 | 29.2.16 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2017 |
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1. | STATUTORY INFORMATION |
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Phantom Music Management Ltd is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Phantom Music Management Ltd as an |
individual company and do not contain consolidated financial information as the parent of a |
group. The company has taken the option under Section 398 of the Companies Act 2006 not |
to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - 25% on reducing balance |
Memorabilia | - Not depreciated, valued at historical cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred |
tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it |
is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated |
into sterling at the rate of exchange ruling at the date of transaction. Exchange differences |
are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 March 2016 |
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Additions |
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At 28 February 2017 |
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DEPRECIATION |
At 1 March 2016 |
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Charge for year |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2017 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2016 |
and 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.17 | 29.2.16 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.17 | 29.2.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
28.2.17 | 29.2.16 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2017 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
28.2.17 | 29.2.16 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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28.2.17 | 29.2.16 |
£ | £ |
Bank loans | - | 1,050,000 |
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Bank loans and overdrafts from HSBC are secured against a debenture given by the |
company. |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland', not to disclose related party transactions with wholly owned subsidiaries within the |
group. |
Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2017 |
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11. | RELATED PARTY DISCLOSURES - continued |
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A J Taylor and R C Smallwood |
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Companies in which A J Taylor and R C Smallwood are both directors. |
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During the year the following transactions occurred between the company and related |
parties (all amounts are repayable on demand and interest-free): |
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Concept Venues Ltd: |
During the year the company was advanced £10,170. At the balance sheet date the |
company was owed £4,482,881 (2016: £4,472,711) by Concept Venues Ltd. |
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Raw Power Management Ltd: |
During the year the company made recharges and loans to the value of £403,771 (2016: |
£273,010) and was repaid £204,304 . At the balance sheet date the company was owed |
£1,056,242 (2016: £856,775) by Raw Power Management Ltd. |
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An impairment provision was made against this loan in 2015 of £387,457, and the company |
has indicated in a letter of support that it will not recall or demand any repayment of this loan |
unless such repayment by Raw Power Management Ltd does not affect its ability to continue |
as a going concern. |
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Helloween Ltd: |
At the balance sheet date the company owed £39,000 (2016: £39,000) to Helloween Ltd. |
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A J Taylor |
Companies in which A J Taylor is also a director. |
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Search & Destroy Records Ltd: |
The Company made loans totalling £45,000 (2016: £26,500), At the balance sheet date |
the company was owed £55,000 (2016: £10,000) by Search & Destroy Records Ltd.. |
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The amount is repayable on demand and is interest-free. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are A J Taylor and R C Smallwood. |
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13. | FIRST YEAR ADOPTION |
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There are no transitional adjustments from FRSSE (effective January 2015) for the year |
ending 29 February 2016 to FRS 102 Section 1A for the year ending 28 February 2017. |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional |
relief: |
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• | to determine existence of leases on basis of existing facts and circumstances. |