Company registration number 07622043 (England and Wales)
AXWELL MUSIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AXWELL MUSIC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AXWELL MUSIC LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
638,061
893,294
Cash at bank and in hand
1,607,879
2,029,329
2,245,940
2,922,623
Creditors: amounts falling due within one year
4
(827,604)
(2,692,872)
Net current assets
1,418,336
229,751
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,417,336
228,751
Total equity
1,418,336
229,751
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 and signed by the director and authorised for issue on 5 September 2023
Mr Axel Hedfors
Director
Company Registration No. 07622043
AXWELL MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Axwell Music Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
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 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.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
Revenue from contracts for the provision of live performances is recognised based on performance date.
1.3
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
AXWELL MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
15,597
591,918
Amounts owed by group undertakings and undertakings in which the company has a participating interest
524,333
300,159
Other debtors
98,131
1,217
638,061
893,294
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
95
Trade creditors
51,053
Amounts owed to group undertakings and undertakings in which the company has a participating interest
765
2,258,648
Corporation tax
155,562
257,862
Other taxation and social security
2,284
Other creditors
617,940
176,267
827,604
2,692,872
5
Controlling party
The company is controlled by the company director via his ownership of Leton AB, a company incorporated in Sweden which owns 100% of the share capital of Axwell Music Limited.
6
Related party transactions
AXWELL MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Related party transactions
(Continued)
- 4 -
During the year, the company paid £36,504 to Departures Live LLP, an entity in which the company is a designated member. The company also incurred profit share losses totalling £2,131 from the LLP. At the Balance Sheet date, the company owed the LLP £765 (2021: the LLP owed the company £35,138).
During the year, payments were made to Leton AB, the immediate parent company, totalling £531,471. The company also received payments totalling £820,301 from Leton AB. At the Balance Sheet date, Leton AB owed the company £11,330 (2021: £300,160).
During the year, the company received profits totalling £530,037 from SSA Touring LLP, an entity in which the company is a designated member. The company also made payments amounting to £2,206,475 to SSA Touring LLP. At the Balance Sheet date SSA Touring LLP owed the company £513,002 (2021: £2,223,510 owed to).
During the period, A Hedfors, a director of the company, incurred expenses paid for by the company on his behalf totalling £27,729. The company also received £547,192 from SSA LLP on his behalf. At the Balance Sheet date the company owed the director £531,909 (2021: £12,445).
This loan is interest free and repayable on demand.