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Registered number: 02575417
RESERVOIR MEDIA MANAGEMENT (UK) LIMITED
(FORMALLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
REGISTERED NUMBER:02575417
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
REGISTERED NUMBER:02575417
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 December 2023.
The notes on pages 3 to 10 form part of these financial statements.
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Reservoir Media Management (UK) Limited is a private company, limited by shares, registered in England and Wales. Its registered office address and principal place of business is Victoria House, Unit G1, 1 Leonard Circus, London, EC2A 4DQ.
The Company changed its name from Reservoir Reverb Music Ltd on 4 January 2023.
The principal activity of the Company is that of the collection of music royalties on behalf of writers.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, commissions, value added tax and other sales taxes.
Royalties receivable are accounted on an accruals basis and are recognised in the period to which they relate.
Synchronisation fees are recognised once there is unconditional right to receive the associated consideration.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises of current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively .
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
The estimated useful lives range as follows:
Song catalogues - 20-30 years
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Joint ventures are held at cost less impairment.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
Short term creditors are measured at the transaction price.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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The average monthly number of employees, including directors, during the year was 9 (2022 - 8).
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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Investments in subsidiary companies
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Investment in joint ventures
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Released to profit or loss
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RESERVOIR MEDIA MANAGEMENT (UK) LIMITED (FORMERLY KNOWN AS RESERVOIR/REVERB MUSIC LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
9.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Commitments under operating leases
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At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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11.Guarantees
The company’s ultimate parent undertaking, Reservoir Media Management Inc., entered into credit facility agreements in the year with Truist Bank, resulting in guarantees, to which the company is a party, being given to Truist Bank.
The immediate parent undertaking is Reservoir Media Management Inc. a company incorporated in the United Sates of America with its registered office at 75 Varick Street, 9th Floor, New York, NY 10013.
The ultimate parent undertaking is Reservoir Media Inc, a company incorporated in the United Sates of America with its registered office at 75 Varick Street, 9th Floor, New York, NY 10013.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 6 December 2023 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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