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Unaudited Financial Statements for the Year Ended 28 February 2018 |
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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 2018 |
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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 2018 |
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Page |
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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 2018 |
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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 2018 |
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28.2.18 | 28.2.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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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 | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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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. |
Phantom Music Management Ltd (Registered number: 05919540) |
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Balance Sheet - continued |
28 February 2018 |
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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 2018 |
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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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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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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
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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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Phantom Music Management Ltd (Registered number: 05919540) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 28 February 2018 |
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AMORTISATION |
Charge for year |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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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 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 March 2017 |
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Additions |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 March 2017 |
and 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
28.2.18 | 28.2.17 |
£ | £ |
Within one year |
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Between one and five years |
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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 2018 |
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10. | SECURED DEBTS |
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The below overdraft facially has been cleared but the charge satisfied and removed after |
year end: |
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Date | Name | Amount | Description |
14/06/07 |
HSBC Private
Bank (UK) Ltd |
All monies due or to
become due from the company. |
Fixed and floating charges over the
undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery. |
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The following rent deposit deed's also apply at year end: |
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26/06/12 |
GMS Estates
Limited |
All monies due or to
become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge. |
The deposit monies. |
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18/06/07 |
The Royal bank
of Scotland PLC (As Trustee of the Royal London Exempt Property Unit Trust) |
All monies due or to
become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge. |
£50,000 net, see mortgage
charge document registered at companies house fro full details. |
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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 2018 |
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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 Concept Venues Ltd was advanced £150,000 and owes £15,044 (2017: |
£10,170) in recharges (recharges are classified under trade debtors). At the balance sheet |
date Phantom Music Management Ltd was owed £4,637,755 (2017: £4,482,881) by Concept |
Venues Ltd. |
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In 2015 an impairment provision was made against unsecured monies owed by Concept |
Venues Ltd of £1,170,672, |
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Raw Power Management Ltd: |
During the year the Phantom Music Management Ltd made advances to the value of |
£255,950 (2017: £273,010) and was repaid £55,000 (2017: £204,304). Phantom Music |
Management is owed £1,101,638 (2017: £900.260) in recharges (recharges are classified |
under trade debtors). At the balance sheet date Phantom Music Management Ltd was owed |
£1,071,114 (2017: £668,786) 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 £38,970 (2017: £39,000) to Helloween Ltd. |
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All of the above amounts are classified as current creditors / debtors and are repayable on |
demand, no interest is charged. |
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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 £NIL (2017: £45,000), At the balance sheet date the |
company was owed £NIL (2017: £55,000) by Search & Destroy Records Ltd.. |
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The amount is classified as a current debtor and is repayable on demand, no interest is |
charged. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are A J Taylor and R C Smallwood. |