REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SESAC HOLDINGS UK LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SESAC HOLDINGS UK LTD |
SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SESAC HOLDINGS UK LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditors |
12 Old Mills Industrial Estate |
Paulton |
BS39 7SU |
SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705) |
BALANCE SHEET |
31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL CONTRIBUTION |
Called up share capital |
Capital contributions received |
Retained earnings | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
SESAC Holdings UK Ltd is a |
The Company’s functional and presentational currency is US dollars (USD) and the financial statements have been rounded to the nearest dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about SESAC Holdings UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, SESAC Holdco I LLC, 152 West 57th Street, 57th Floor, New York, NY 10019, USA. |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are stated at purchase cost of acquisition (including any incidental cost of acquisition) together with the amount of any loans advanced to those undertakings less impairment. |
Where, in the opinion of the directors, there has been a diminution in the value of the investments appropriate provisions are made and charged to the profit and loss account. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has net current liabilities of $44,438 (2022: $31,157) and has incurred a profit of $1,543,558 (2022: $47,111). Currently, the company is wholly reliant on group companies to provide the necessary funding for it to meet its obligations as they fall due. The directors have received assurances from the parent company that all necessary funding will be provided for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
$ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Provisions |
At 1 April 2022 | 3,229,172 |
Provision for year | (1,556,850 | ) |
At 31 March 2023 | 1,672,322 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Switzerland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Liechtenstein |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Germany |
Nature of business: |
% |
Class of shares: | holding |
SESAC HOLDINGS UK LTD (REGISTERED NUMBER: 10581705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
$ | $ |
Amounts owed to group undertakings |
Foreign Tax | 9,898 | 10,487 |
Accrued expenses |
Amounts owed to the group are unsecured, interest free and repayable on demand. |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is considered to be SESAC Holdco II LLC, a company incorporated in the USA. The ultimate parent company is considered to be Sigma Holdings I Inc, a company incorporated in the USA and under the control of private equity funds affiliated with the Blackstone Group Inc. |