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Unaudited Financial Statements for the Year Ended 28 February 2018 |
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Raw Power Management Limited |
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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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Raw Power Management Limited |
Raw Power Management Limited (Registered number: 06031020) |
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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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Raw Power Management Limited |
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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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Raw Power Management Limited (Registered number: 06031020) |
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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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CURRENT ASSETS |
Debtors | 6 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
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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Raw Power Management Limited (Registered number: 06031020) |
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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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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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Preparation of consolidated financial statements |
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The financial statements contain information about Raw Power Management Limited as an |
individual company and do not contain consolidate 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 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 |
Stamp duty and relating legal fees are amortised evenly over the term of the lease of 60 |
months. |
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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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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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Raw Power Management Limited (Registered number: 06031020) |
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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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Directors bonuses |
A proportion of directors' bonuses are paid in advance of the profits on which they are |
calculated and are recorded as an asset on the balance sheet. When the relevant profits |
are earned and it is determined that the bonuses are due the prepaid bonus is then charged |
to the profit and loss account together with any additional amounts calculated as due. |
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Going concern |
At the period end the company's liabilities exceeded its assets by £1,746,659 (2017: |
£1,061,932). 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. |
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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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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
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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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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. | 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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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
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7. | 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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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended |
28 February 2018 and 28 February 2017: |
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28.2.18 | 28.2.17 |
£ | £ |
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Balance outstanding at start of year |
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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 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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All amounts owing from directors are repayable on demand. The amounts are interest-free, |
with the exception of D Jenkins where interest is charged at 2.5%. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
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9. | 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. |
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Phantom Music Management Ltd |
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A Company in which A J Taylor and R C Smallwood are both directors. |
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During the year the company received recharges and loans to the value of £345,063 (2017: |
£403,771) and repaid NIL (2017: £204,304) . At the balance sheet date the company owed |
£1,401,305 (2017: £1,056,242) to Phantom Music Management Ltd. The amount is |
classified as a current creditor and is repayable on demand, no interest is charged. |
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D Jenkins |
A director and shareholder of the company. |
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At the balance sheet date D Jenkins owes the company £20,152 (2017: £18,920). The |
amount is classified as a current debtor and is repayable on demand, interest is charged at |
2.5% during the year. |
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R C Smallwood |
A director and shareholder of the company. |
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At the balance sheet date R C Smallwood owes the company £7,959 (2017: £8,590). The |
amount is classified as a current debtor and is repayable on demand, no interest is charged. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are the company's directors and shareholders C A Jennings, |
A J Taylor and R C Smallwood. |