Company Registration No. 04998819 (England and Wales)
CONCORD GSS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
CONCORD GSS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CONCORD GSS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,838
Current assets
Debtors
5
862,544
3,557,749
Cash at bank and in hand
5,274
1,226,369
867,818
4,784,118
Creditors: amounts falling due within one year
6
(23,832)
(4,099,492)
Net current assets
843,986
684,626
Net assets
843,986
702,464
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
843,982
702,460
Total equity
843,986
702,464
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 23 December 2021 and are signed on its behalf by:
Mr K M Hoskins
Director
Company Registration No. 04998819
CONCORD GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Concord GSS Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Aldwych House, 71-91 Aldwych, London, WC2B 4HN.
1.1
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for music publishing royalties provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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:
Fixtures and fittings
33% straight line
Office equipment
33% straight line
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
.
1.4
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.
1.5
Financial instruments
The company has only basic financial instruments.
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
.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
CONCORD GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.10
Writer Advances
Writer advances were classified as proven and unproven depending on potential earnings potential. Advances to unproven writers were expenses as incurred. Advances to proven writers were held at net book value equal to expected future royalty earnings.
2
Exceptional item
2020
2019
£
£
Expenditure
Exceptional item - Kobalt early repayment fee
390,625
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
18
CONCORD GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
89,442
Disposals
(89,442)
At 31 December 2020
Depreciation and impairment
At 1 January 2020
71,604
Eliminated in respect of disposals
(71,604)
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
17,838
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
39,661
Other debtors
862,544
3,518,088
862,544
3,557,749
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
118
Trade creditors
30,846
Corporation tax
247,321
Other taxation and social security
36,216
Other creditors
23,714
3,785,109
23,832
4,099,492
CONCORD GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of 1p each
200
200
2
2
ordinary B shares of 1p each
200
200
2
2
400
400
4
4