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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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Raw Power Management Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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28.2.21 | 29.2.20 |
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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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET LIABILITIES | ( |
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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 2021 |
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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 28 February 2021 |
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1. | STATUTORY INFORMATION |
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Raw Power Management Limited is a
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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 Raw Power Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements 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 |
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 cost |
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Furniture, fixtures and fittings - 25% on cost |
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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. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
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Government grants are recognised using the accrual model and the performance model. |
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Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
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Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
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During the year the company received the following government grants: |
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GRANT | AMOUNT |
Contrarious Job Retention Scheme | £87,264 |
Bounce back loan (interest paid by the government) | £417 |
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There are no unfulfilled conditions or other contingencies attached to the grants that have been recognised in income. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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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. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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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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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 £2,835,565 (2020: £2,517,567). The company relies on the support of Phantom Music Management Ltd. At the balance sheet date the company owed £1,728,072 (2020: £1,586,416) to Phantom Music Management Ltd. The amount owed to Phantom Music Management Ltd is classified as a current creditor and is repayable on demand, no interest is charged. Phantom Music Management Ltd 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 it's ability to continue as a going concern. The directors of Phantom Music Management Ltd have confirmed the companies 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 28 February 2021 |
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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 |
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COST |
At 1 March 2020 |
and 28 February 2021 |
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AMORTISATION |
At 1 March 2020 |
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Charge for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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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 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 March 2020 |
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Additions |
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At 28 February 2021 |
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DEPRECIATION |
At 1 March 2020 |
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Charge for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Trade debtors |
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Other debtors |
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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. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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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 2021 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 6,667 | - |
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10. | SECURED DEBTS |
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The below charge relates to a cash bank account held at Svenska Handelsbanken Ab, the money held in the cash bank account relates to a guarantee against credit card bill payments. At the year end the balance of the Svenska Handelsbanken AB cash bank account was £9,016 (2020: £5,557). |
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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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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 28 February 2021 and 29 February 2020: |
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28.2.21 | 29.2.20 |
£ | £ |
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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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Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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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 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 classified as current debtors and are repayable on demand. At the balance sheet date the directors owe the company £29,192 (2019: £26,526). Interest is calculated on the average interest method using the HMRC official average interest rates of 2.25% for the tax year ending 5 April 2021 and 2.5 % for the tax year ending 5 April 2020. Interest is only calculated on balances owing to the company that exceed or exceeded £10,000 or above. |
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At the balance sheet date the company owes the directors £NIL (2020: £3,262) in relation to money the directors have advanced the company. Amounts owing to directors at the balance sheet date are classified as current creditors and are repayable on demand, no interest is charged. |
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12. | 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. |
Raw Power Management Limited (Registered number: 06031020) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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12. | RELATED PARTY DISCLOSURES - continued |
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Search & Destroy Records Ltd |
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A company, in which persons with significant control and influence, has significant control and influence over. |
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During the year the company loaned Search & Destroy Records Ltd £1,000 (2020: £301) and Search & Destroy Records Ltd repaid £NIL (2020: £NIL). At the balance sheet date Search & Destroy Records Ltd owes the company £51,801 (2020: £50,801). The amount is classified as a current debtor and is repayable on demand, no interest is charged. |
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13. | ULTIMATE CONTROLLING PARTY |
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Due to the shareholding there is no controlling or ultimate controlling party. |