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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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Raw Power Management Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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for |
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Raw Power Management Limited |
Raw Power Management Limited (Registered number: 06031020) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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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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Raw Power Management Limited |
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Company Information |
for the Year Ended 29 February 2020 |
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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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Raw Power Management Limited (Registered number: 06031020) |
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Balance Sheet |
29 February 2020 |
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29.2.20 | 28.2.19 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 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 | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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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. |
Raw Power Management Limited (Registered number: 06031020) |
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Balance Sheet - continued |
29 February 2020 |
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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 and authorised for issue on
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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Raw Power Management Limited 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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Related party exemption |
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. |
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Turnover |
Turnover is derived from ordinary activities and represents invoiced commission for the |
provision of management services to music artists, net of value added tax. Revenue is |
recognised when the company becomes entitled to commission on its clients income. This |
is deemed to occur upon the completion of deals negotiated by the company on their clients' |
behalf, and upon the subsequent completion of satisfaction of the clients' contractual |
obligations to their customers, even where agreements have yet to be signed. |
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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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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc - 25% on cost |
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Furniture, fixtures and fittings (relating to bar refurbishment) - depreciated over the |
remaining length of the property lease. |
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Computers and office equipment - 25% on cost |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net |
of depreciation and any impairment losses. |
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On disposal, the difference between the net disposal proceeds and the carrying amount of |
the item sold is recognised in profit or loss. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and other third |
parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as |
the difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an 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. |
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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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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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Debtors and creditors |
Short term debtors, classified as receivable in one year, are measured at transaction price, |
less any impairment. Loans receivable are measured initially at fair value, net of transaction |
costs, and are measured subsequently at amortised cost using the effective interest method, |
less any impairment. |
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Short term creditors, classified as payable in one year, are measured at the transaction |
price. Other financial liabilities including bank loans, are measured initially at fair value, net |
of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method. |
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Going concern |
At the period end the company's liabilities exceeded its assets by £2,517,567 (2019: |
£2,571,332). The company relies on the support of Phantom Music Management Ltd whose |
directors have confirmed its ability to give ongoing financial support to the company for the |
foreseeable future. For this reason the financial statements have been prepare on the going |
concern basis. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, |
property and equipment, are reviewed to determine whether there is an indication that an |
asset may be impaired. If there is an indication of possible impairment, the recoverable |
amount of any asset or group of related assets, which is the higher of value in use and the |
fair value less cost to sell, is estimated and compared with its carrying amount. If the |
recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable |
amount and an impairment loss is recognised immediately in profit or loss. |
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Inventories are also assessed for impairment at each reporting date. The carrying amount of |
each item of inventory, or group of similar items, is compared with its selling price less costs |
to complete and sell. If an item of inventory or group of similar items is impaired, its carrying |
amount is reduced to selling price less costs to complete and sell, and an impairment loss is |
recognised immediately in profit or loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of |
elated assets is increased to the revised estimate of its recoverable amount, but not to |
exceed the amount that would have been determined had no impairment loss been |
recognised for the asset or group of related assets in prior periods. A reversal of an |
impairment loss is recognised immediately in profit or loss. |
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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 |
At 1 March 2019 |
and 29 February 2020 |
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AMORTISATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
as |
restated |
£ | £ |
Trade debtors |
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Other debtors |
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Short term debtors, classified as receivable in one year, are measured at transaction price, |
less any impairment. Loans receivable are measured initially at fair value, net of transaction |
costs, and are measured subsequently at amortised cost using the effective interest method, |
less any impairment. |
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7. | CASH AT BANK AND IN HAND |
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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 under current |
liabilities. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
as |
restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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29.2.20 | 28.2.19 |
as |
restated |
£ | £ |
Cash Credit Card | - | 27,500 |
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Date | Name | Amount | Brief Description |
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30/11/2018 |
Svenska Handelsbanken
Ab Publ |
All monies due or
to become due to the company. |
Contains fixed charges,
contains negative pledge. Charge code 0603 1020 0001 registered at Companies House. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended |
29 February 2020 and 28 February 2019: |
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29.2.20 | 28.2.19 |
as |
restated |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | (30,924 | ) |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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All amounts owing from directors are repayable on demand. |
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Interest is calculated on the average interest method at 2.5% (2019: 2.5 %) on amounts |
owed to the company by one director, on other amounts owed to the company by directors |
no interest is charged. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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11. | RELATED PARTY DISCLOSURES |
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Directors / Shareholders |
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Directors and shareholders of the company. |
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At the balance sheet date the directors owe the company £26.256 (2018: £2,795). During |
the year an amount owing to the company by a director of £NIL (2019: £30,924) was written |
off to the P&L. The amounts outstanding at the balance sheet date are classified as current |
debtors and are repayable on demand, Interest is calculated on the average interest method |
at 2.5% (2019: 2.5%) on amounts owed to the company by one director, on other amounts |
owed to the company by directors no interest is charged. |
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At the balance sheet date the company owes the directors £3,262 (2019: £7,705) in relation |
to money the directors have advanced the company. The amounts outstanding at the |
balance sheet date are classified as current creditors and are repayable on demand, no |
interest is charged. |
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Focus Business Management Ltd |
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A subsidiary of Phantom Music Management Ltd. |
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Phantom Music Management Ltd is controlled by two of the directors / shareholders of the |
company. |
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During the year the company received advances from Focus Business Management Ltd to |
the value of £124,400 (2019: £NIL) and repaid £NIL (2019: £NIL). At the balance sheet date |
the company owed £124,400 (2019: £NIL) to Focus Business Management Ltd. The |
amount is classified as a current creditor and is repayable on demand, no interest is |
charged. |
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Phantom Music Management Ltd |
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A Company controlled by two of the directors / shareholders. |
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During the year the company received recharges and loans to the value of £187,153 (2019: |
£553,572) and repaid £121,279 (2019: £234,335). In the year Phantom Music Management |
Ltd wrote off £200,000 (2019: £NIL) of the loan amount. At the balance sheet date the |
company owed £1,586,416 (2019: £1,720,542) to Phantom Music Management Ltd. The |
amount is classified as a current creditor and is repayable on demand, no interest is |
charged. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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11. | RELATED PARTY DISCLOSURES - continued |
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Search & Destroy Records Ltd |
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A Company controlled by two of the directors / shareholders. |
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During the year the company loaned Search & Destroy Records Ltd £301 (2019: £55,000) |
and Search & Destroy Records Ltd repaid £NIL (2019: £4,500). At the balance sheet date |
Search & Destroy Records Ltd owes the company £50,801 (2019: £50,500). 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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Due to the shareholding there is no controlling or ultimate controlling party. |