Company registration number 09842703 (England and Wales)
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Intangible assets
5
1,340
4,802
Tangible assets
6
9,455
10,562
10,795
15,364
Current assets
Debtors
7
600,277
479,186
Creditors: amounts falling due within one year
8
(392,262)
(327,022)
Net current assets
208,015
152,164
Net assets
218,810
167,528
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
218,809
167,527
Total equity
218,810
167,528
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
J Klein
Director
Company registration number 09842703 (England and Wales)
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Anthem Entertainment UK Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FE.
1.1
Reporting period
The prior period of account represents the 15 month period to 31 March 2022. As the current period is a 12 month period of account, the results are not directly comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US dollars which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The Company has net current assets of $208,015 (20true22: $152,164) as at 31 March 2023, a profit before tax for the period then ended of $67,912 (2022: $83,873) and the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
• The Company's sole trade is from providing management services to its ultimate parent company, Anthem Entertainment L.P. The Company does not hold its own bank accounts and all transactions are settled by the parent company. Therefore, the Company is entirely reliant on its parent company and would not be able to continue in existence without its parent.
• The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds, through funding from its ultimate parent company, Anthem Entertainment L.P., to meet its liabilities as they fall due for that period.
• Anthem Entertainment L.P. has indicated its intention to continue to make available such financial support and to continue to honour the existing management services agreement for the period covered by the forecasts. As with any Company placing reliance on other group entities for support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
1.4
Turnover
The Company provides services to Anthem Entertainment L.P., its immediate parent company, to market and promote all of the production musical compositions within the Cavendish Music library. The total actual UK costs are then recharged to the immediate parent company with an appropriate mark-up.
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line basis
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
33.3% straight line basis
Plant and Machinery
12.5% - 40% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Cash and cash equivalents
Cash and cash equivalents 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 in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
4
Taxation
2023
2022
$
$
Current tax
UK corporation tax on profits for the current period
16,630
26,390
Adjustments in respect of prior periods
75,889
Total current tax
16,630
102,279
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
$
$
Profit before taxation
67,912
83,873
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
12,903
15,936
Tax effect of expenses that are not deductible in determining taxable profit
3,727
9,519
Other permanent differences
935
Under/(over) provided in prior years
-
75,889
UK corporation tax charge on profits for the current period
16,630
102,279
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Intangible fixed assets
Other
$
Cost
At 1 April 2022 and 31 March 2023
27,339
Amortisation and impairment
At 1 April 2022
22,537
Amortisation charged for the year
3,462
At 31 March 2023
25,999
Carrying amount
At 31 March 2023
1,340
At 31 March 2022
4,802
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
$
$
$
Cost
At 1 April 2022
584,206
104,916
689,122
Additions
4,785
4,785
At 31 March 2023
584,206
109,701
693,907
Depreciation and impairment
At 1 April 2022
584,206
94,354
678,560
Depreciation charged in the year
5,892
5,892
At 31 March 2023
584,206
100,246
684,452
Carrying amount
At 31 March 2023
9,455
9,455
At 31 March 2022
10,562
10,562
7
Debtors
2023
2022
Amounts falling due within one year:
$
$
Other debtors
493,145
424,257
Prepayments and accrued income
107,132
54,929
600,277
479,186
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
132,453
56,927
Corporation tax
111,849
101,344
Other taxation and social security
16,123
16,146
Other creditors
131,837
152,605
392,262
327,022
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of $1 each
1
1
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Turner
Statutory Auditor:
Mercer & Hole LLP
Date of audit report:
28 March 2024
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
$
$
Within one year
130,055
138,268
Between two and five years
260,110
419,730
390,165
557,998
12
Related party transactions
There have been transactions during the reporting period with the immediate parent company, Anthem Entertainment L.P. During the period, the company recognised revenue of $1,361,488 (2022: $1,681,438) from its immediate parent. At the period end the company was owed $447,875 (2022: $378,878) by Anthem Entertainment L.P.
ANTHEM ENTERTAINMENT UK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
13
Parent company
The ultimate parent company is Anthem Entertainment L.P. The largest group in which the results of the Company are consolidated is that headed by Anthem Entertainment L.P., 120 Bremner Blvd, Suite 2900, Toronto, Ontario, Canada, M5J 0A8. No other group financial statements include the results of the Company. The consolidated financial statements of the group are not available to the public and may be obtained from 120 Bremner Blvd, Suite 2900, Toronto, Ontario, Canada, M5J 0A8.
2023-03-312022-04-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedH MurphyJ KleinM KatzB GrzinicDentons Secretaries Limitedfalse098427032022-04-012023-03-31098427032023-03-31098427032022-03-3109842703core:IntangibleAssetsOtherThanGoodwill2023-03-3109842703core:IntangibleAssetsOtherThanGoodwill2022-03-3109842703core:LandBuildings2023-03-3109842703core:OtherPropertyPlantEquipment2023-03-3109842703core:LandBuildings2022-03-3109842703core:OtherPropertyPlantEquipment2022-03-3109842703core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109842703core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109842703core:CurrentFinancialInstruments2023-03-3109842703core:CurrentFinancialInstruments2022-03-3109842703core:ShareCapital2023-03-3109842703core:ShareCapital2022-03-3109842703core:RetainedEarningsAccumulatedLosses2023-03-3109842703core:RetainedEarningsAccumulatedLosses2022-03-3109842703bus:Director22022-04-012023-03-3109842703core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3109842703core:ComputerSoftware2022-04-012023-03-3109842703core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3109842703core:LeaseholdImprovements2022-04-012023-03-31098427032021-01-012022-03-3109842703core:UKTax2022-04-012023-03-3109842703core:UKTax2021-01-012022-03-310984270312022-04-012023-03-310984270312021-01-012022-03-310984270322021-01-012022-03-3109842703core:IntangibleAssetsOtherThanGoodwill2022-03-3109842703core:LandBuildings2022-03-3109842703core:OtherPropertyPlantEquipment2022-03-31098427032022-03-3109842703core:LandBuildings2022-04-012023-03-3109842703core:OtherPropertyPlantEquipment2022-04-012023-03-3109842703core:WithinOneYear2023-03-3109842703core:WithinOneYear2022-03-3109842703core:BetweenTwoFiveYears2023-03-3109842703core:BetweenTwoFiveYears2022-03-3109842703bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109842703bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3109842703bus:FRS1022022-04-012023-03-3109842703bus:Audited2022-04-012023-03-3109842703bus:Director12022-04-012023-03-3109842703bus:Director32022-04-012023-03-3109842703bus:Director42022-04-012023-03-3109842703bus:CompanySecretary12022-04-012023-03-3109842703bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP