Registered number:
FOR THE YEAR ENDED
31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
COMPANY INFORMATION
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SENTRIC MUSIC LIMITED
CONTENTS
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SENTRIC MUSIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their strategic report for the year ended 31 December 2021.
The business in 2021 overperformed against plan, and shows sizeable growth against the prior year. Publishing royalty collections globally increased by over 50%, synchronisation income by over 25% and neighbouring rights income by over 40%.
This growth was mostly driven by increasing digital income. Other income types grew less due to the continued impact of the COVID-19 pandemic. Live income was particularly hit due to the cancellation of shows in 2020 and early 2021. Although neighbouring rights income recovered by over 40%, this is still below pre-pandemic levels. Overhead spend was as expected, growing by 37% on the previous year which was mostly driven by employee wages. Headcount increased by 10% in the UK. The business implemented a change in system in 2021. RightsApp is an in-house built end-to-end royalty administration system that will future-proof the group’s scaling and increasing catalogue volume. Operational processes have been made more efficient, allowing for turnover and gross profit growth that outweighs growth in overhead.
As the world recovered from COVID-19 we have seen an uplift in Live Performance and Public Performance revenues without any negative impact on streaming and digital revenues. The risk remains of a similar event in the future.
The group will always be at risk from the unfulfillment of contractual obligations, whether internal or external. This is mitigated by effective leadership and management teams, strong internal processes and the implementation of innovative technological solutions. The company’s direct international collection network presents risk from currency fluctuations. This is mitigated by natural hedging and a fair policy of royalty distribution using spot rates at the time of royalty receipt. Currency conversion is undertaken at times throughout the year when exchange rates are favourable. Currency hedging via institutions is an option for managing this further should the risk become more significant.
Sentric Music Group continues to use traditional KPIs to analyse the performance of the business. Year on year growth in the consolidated accounts again do not represent actual growth due to the partial year presented for 2020.
Management accounts show year on year growth in group revenue of 56.9%. Gross profit margin grew slightly to 16.8% vs. 15.3% in 2020, with gross profit itself growing 72%. This particularly reflects the growth in higher margin, self service catalogues in comparison to lower margin, co-publishing and sub-publishing catalogues. EBITDA margin grew from 4.2% in 2020 to 7.1% in 2021, and EBITDA grew 165.9% against 2020.
The Board of Sentric Music Group made the decision for the entire group to be acquired by Utopia Music AG in the 4th quarter of 2021. This was completed in the first half of 2022. Leadership and management are excited about the new opportunities that becoming part of the Utopia Music Group presents and the prospects for further, faster growth over the next few years.
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SENTRIC MUSIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board on 27 September 2022
and signed on its behalf.
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SENTRIC MUSIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The profit for the year, after taxation, amounted to £
1,119,974
(2020 -
£
456,420
)
.
The directors recommend a dividend of £450,000 (2020 - £Nil).
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SENTRIC MUSIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The business review, principal risks and uncertainties, key performance indicators and future developments are disclosed in the strategic report.
On 4 May 2022, the new ultimate parent company became Utopia Music AG, a company incorporated in Switzerland.
The auditor, Langtons Professional Services Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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SENTRIC MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SENTRIC MUSIC LIMITED
We have audited the financial statements of Sentric Music Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SENTRIC MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SENTRIC MUSIC LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SENTRIC MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SENTRIC MUSIC LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
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SENTRIC MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SENTRIC MUSIC LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
The Plaza
100 Old Hall Street
L3 9QJ
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SENTRIC MUSIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
REGISTERED NUMBER:
05721428
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
REGISTERED NUMBER:
05721428
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 28 form part of these financial statements.
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SENTRIC MUSIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The entity is a private limited liability company, limited by shares registered in England and Wales within the United Kingdom. The registered office is 1st Floor, 29 Parliament Street, Liverpool, L8 5RN and the company number is 05721428.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The
Company
is a parent
company
that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of
any part of the United Kingdom
and is therefore exempt from the requirement to prepare consolidated financial statements under
section 400 of the Companies Act 2006
.
The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for whole of the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.
Functional and presentation currency
Transactions and balances
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Artist liabilities represent only the amounts owing to account holders from monies already received by the company at the balance sheet date. Accrued income represents the company's gross publisher share of royalty receipts that are due to the company in the future, calculated on the basis of activity undertaken in respect of the period for which the accounts have been prepared. The accrued income included is six months of revenue which has been calculated on a prudent basis. As a result, turnover represents twelve months worth of royalties.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
For those balances still outstanding after 5 years, an appropriate provision is made to cover these amounts.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Trading losses of £1,779,437 are available to carry forward against future trading profits.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
On 3 May 2022 the directors propose a dividend of £300,000.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Profit and loss account
The company has entered into a cross guarantee with other group companies such that it will guarantee certain liabilities should they be unable to meet those liabilities as and when they fall due. At 31 December 2020 the potential liability was £2,300,092 (2020 - £2,183,425).
The Company pays into personal pension plans. The assets of the plans are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £54,749 (2020 - £49,119). Contributions totalling £14,294 (2020 - £13,562) were payable to the fund at the reporting date and are included in creditors.
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SENTRIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
28.
Other financial commitments
The company is contracted to pay advances to artists in the normal course of business. At the year end, there are £161,108 of future committed advances. There are further contractually committed advances but the payment of these is dependent on the fulfillment of certain contractual requirements. Accordingly it is not possible to quantify the future commitments that may crystallise.
During the year, the company was a 100% subsidiary of Sentric Music Group Limited, a company registered in England and Wales.
Accounts of the parent company are available from Companies House, Cardiff. During the year, the company was under the control of the directors of Sentric Music Group Limited. On 4 May 2022, the new ultimate parent company became Utopia Music AG, a company incorporated in Switzerland.
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