DBS Music Holdings Limited - Period Ending 2017-07-31

DBS Music Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2017

Registration number: 08288829

DBS Music Holdings Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

DBS Music Holdings Limited

Balance Sheet

31 July 2017

	Note	2017 £	2016 £
Fixed assets
Investments	4	801,202	801,202
Current assets
Debtors	5	647,130	274,668
Cash at bank and in hand		330,700	228,206
		977,830	502,874
Creditors: Amounts falling due within one year	6	(30,784)	(5)
Net current assets		947,046	502,869
Net assets		1,748,248	1,304,071
Capital and reserves
Called up share capital		780,004	780,004
Profit and loss account		968,244	524,067
Total equity		1,748,248	1,304,071

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

DBS Music Holdings Limited

Balance Sheet

31 July 2017

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 January 2018 and signed on its behalf by:
 

.........................................

Mr D W Louis-Puttick

Director

.........................................

Mr N O Burt

Director

Company Registration Number: 08288829

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

DBS Music Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark
North Quay House
Sutton Harbour
Plymouth
PL4 0RA

The principal place of business is:
6 Elizabeth Court
Higher Lane
Plymouth
PL1 2AN

These financial statements were authorised for issue by the Board on 25 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 August 2015. There is no material impact on the reported financial position and financial performance.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Page 3

DBS Music Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Investments

	2017 £	2016 £
Investments in subsidiaries	801,202	801,202

Subsidiaries	£
Cost or valuation
At 1 August 2016	801,202
Provision
Carrying amount
At 31 July 2017	801,202
At 31 July 2016	801,202

Page 4

DBS Music Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2017

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Deep Blue Sound Limited		Ordinary shares	100%	100%
	England and Wales
DBS Bristol Limited		Ordinary shares	100%	100%
	England and Wales
DBS Camborne Limited		Ordinary shares	100%	100%
	England and Wales
DBS Music Berlin GmbH		Gezeichnetes	100%	100%
	Germany

The principal activity of Deep Blue Sound Limited is Recording studio and musical eduction facility

The principal activity of DBS Bristol Limited is Recording studio and musical eduction facility

The principal activity of DBS Camborne Limited is Recording studio and musical eduction facility

The principal activity of DBS Music Berlin GmbH is Recording studio and musical eduction facility

5

Debtors

	Note	2017  £	2016  £
Amounts due from group undertakings		256,067	57,315
Other debtors		391,063	217,353
		647,130	274,668

Page 5

DBS Music Holdings Limited

Notes to the Financial Statements

Year Ended 31 July 2017

6

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	-	5
Amounts due to group undertakings		30,784	-
		30,784	5

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	-	5

8	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 August 2015. There are no changes to previously stated equity as at 1 August 2015 and 1 August 2016 or in the profit for the year end 31 July 2016 as a result of the transition to FRS102.

Page 6