Company registration number 11736872 (England and Wales)
DANCING IS GOOD FOR YOU LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DANCING IS GOOD FOR YOU LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DANCING IS GOOD FOR YOU LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,570
1,658
Current assets
Debtors
4
767,987
828,397
Investments
5
2,597,716
2,353,292
Cash at bank and in hand
2,750,595
2,325,491
6,116,298
5,507,180
Creditors: amounts falling due within one year
6
(1,450,923)
(1,141,472)
Net current assets
4,665,375
4,365,708
Net assets
4,667,945
4,367,366
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,667,944
4,367,365
Total equity
4,667,945
4,367,366
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 2023 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 member has 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 21 February 2024
Mr Sebastian Ingrosso
Director
Company registration number 11736872 (England and Wales)
DANCING IS GOOD FOR YOU LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Dancing Is Good For You 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, modified to include the revaluation of investments at fair value. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Live performance income is recognised based on performance date.
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:
Computers
25% reducing balance
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
An impairment loss is recognised immediately in profit or loss.
1.5
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.
DANCING IS GOOD FOR YOU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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 goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
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:
2023
2022
Number
Number
Total
1
1
DANCING IS GOOD FOR YOU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
1,830
Additions
1,355
At 31 December 2023
3,185
Depreciation and impairment
At 1 January 2023
172
Depreciation charged in the year
443
At 31 December 2023
615
Carrying amount
At 31 December 2023
2,570
At 31 December 2022
1,658
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
446,280
Amounts owed by group undertakings and undertakings in which the company has a participating interest
20,008
507,291
Other debtors
301,699
321,106
767,987
828,397
5
Current asset investments
2023
2022
£
£
Investments at market value
2,597,716
2,353,292
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54,379
110,137
Corporation tax
392,542
72,540
Other creditors
1,004,002
958,795
1,450,923
1,141,472
DANCING IS GOOD FOR YOU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Related party transactions
During the year, the company incurred £2,496 of profit share losses from Departures Live LLP, an entity in which the company is a designated member. The company also paid £3,429 to Departures Live LLP. At the Balance Sheet date, Departures Live LLP owed the company £185 (2022: £748 owed by the company).
During the year, the company received £2,327,876 of profits from SSA Touring LLP, an entity in which the company is a designated member. The company also paid £2,815,159 to SSA Touring LLP. At the Balance Sheet date the company was owed £20,008 by SSA Touring LLP (2022: £507,291).
During the prior year, the company issued and paid dividends to Music Is Good For You AB, the company's sole shareholder, totaling £1,548,825. At the Balance Sheet date, the company owed Music Is Good For You AB £822,368 (2022: £822,368).
At the balance sheet date £204,732 was owed by Refune Music AB, an associated company (2022: £204,732).
8
Directors' transactions
During the year, the director of the company, S Ingrosso incurred expenses of £354,992 and repaid £182,209. At the balance sheet date, the director owed the company £44,913 (2022 - £127,870 owed to the director). This loan is repayable on demand and free from interest.
9
Control
The company is controlled by the director via his ownership of the immediate and ultimate parent company Music Is Good For You AB, a company incorporated in Sweden.