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Registered number: 01094956
DLT ENTERTAINMENT UK LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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DLT ENTERTAINMENT UK LTD
REGISTERED NUMBER: 01094956
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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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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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Net assets excluding pension asset
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Equity attributable to owners of the parent Company
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Non-controlling interests
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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.
The Company has opted not to file the consolidated 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
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DLT ENTERTAINMENT UK LTD
REGISTERED NUMBER: 01094956
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
3 April 2025.
The notes on pages 7 to 18 form part of these financial statements.
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DLT ENTERTAINMENT UK LTD
REGISTERED NUMBER: 01094956
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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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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Creditors: amounts falling due after more than one year
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Net assets excluding pension asset
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Profit and loss account brought forward
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Profit and loss account carried forward
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated 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 3 April 2025.
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DLT ENTERTAINMENT UK LTD
REGISTERED NUMBER: 01094956
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The notes on pages 7 to 18 form part of these financial statements.
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DLT ENTERTAINMENT UK LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Equity attributable to owners of parent Company
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Non-controlling interests
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Comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends paid to non-controlling interests
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On acquisition of subsidiary company
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On acquisition of remaining interest in subsidiary companies
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Total transactions with owners
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The notes on pages 7 to 18 form part of these financial statements.
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DLT ENTERTAINMENT UK LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 7 to 18 form part of these financial statements.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DLT Entertainment UK Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 10 Bedford Square, London WC1B 3RA.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
At the reporting date the Group had net liabilities after fixed assets of £3,382,727 (2022: £2,999,766) and net current liabilities of £5,181,608 (2022: £4,148,455), the latter largely represented by interest free loans from its parent company, DLT Entertainment Limited (USA) of £4,968,002, (2022: £3,930,837) advanced to support and finance working capital and ongoing development costs of the Group’s operations and it is the full intention of the parent company to continue to provide this ongoing support.
The directors, therefore, have a reasonable expectation that the Group and Company have adequate resources to continue operating as a going concern and to meet all its liabilities as they fall due. The Company continues to work with its agency subsidiaries with a view to streamlining overall Group costs, broadening the potential contracts available to the agencies' clients, and offering tour management facilities and services which, in turn, will generate management fees and other revenues for the Company. The Company works with its agency clients to develop ideas which gives the Company first refusal to act as the production company generating production fees and overhead recoveries.
Although incurring a further loss in 2024, the Company continues to push forward with its plans and has continued to be fully financed and supported to this end by the parent company. The parent company has also committed to underwrite any losses that arise from investments in or onward loans made to subsidiary companies and has also undertaken to make a contribution towards certain overheads of the Company; this contribution has continued throughout 2024 and has been confirmed for 2025. Whilst the loans advanced are repayable on demand, the parent company has formally committed to and confirmed in a written undertaking its intention to continue to support the Company for at least the next twelve months from the date of approval of these financial statements.
The directors are satisfied therefore that sufficient resources are available and, accordingly, they continue to adopt the going concern basis in preparing the Company's financial statements.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.
Production fees comprise amounts receivable in respect of the development, filming and editing of television programmes. Production fees are recognised in accordance with the stage of completion as defined in the contracts.
Overheads recoverable and fees comprise amounts charged to television productions for use of the company's assets and for expenditure that the production would ordinarily incur during the course of the production.
Royalties comprise amounts receivable in respect of secondary distribution rights of previously developed television programmes. Royalties are recognised in the period in which the television programme is distributed.
Distribution income comprises amounts receivable from distribution of television productions and is recognised in the period in which the relevant production has been aired or downloaded.
Agency commissions comprises amounts due to the relevant agencies for representation of talent and is recognised in the period in which the relevant performance or event has taken place.
Dividend income is recognised when the right to receive payment is established.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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 and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment in the Company only financial statements.
Investments in associates are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short term debtors are measured at 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 on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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The Company's functional and presentational currency is GBP.
Defined contribution pension plan
The Company operates 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 Statement of Income and Retained Earnings 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.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company and the Group operate and generate income.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
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.
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The average monthly number of employees, including directors, during the year was 18 (2022 - 18).
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Acquisition of subsidiary
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Charge for the year on owned assets
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Investments in associates
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Investments in associates
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The following were subsidiary undertakings of the Company:
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The Galton Agency Limited
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10 Bedford Square, London WC1B 3RA
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10 Bedford Square, London WC1B 3RA
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10 Bedford Square, London WC1B 3RA
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Milburn Browning Associates Limited
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10 Bedford Square, London WC1B 3RA
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The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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The Galton Agency Limited
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Milburn Browning Associates Limited
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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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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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Profit and loss account
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
The Group operates multiple defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds. The contributions made during the year amounted to £8,770 (2022: £9,803). Contributions totalling £1,583 (2022: £1,595) were due to the fundS at the reporting date and included in the creditors.
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DLT ENTERTAINMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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During the year the Company received further loan funding totalling £1,046,845 from (2022: made loan repayments totalling £450,144 to) and the Group received further loan funding totalling £1,036,965 from (2022: made loan repayments totalling £450,144 to) the parent company. Also during the year the Company invoiced for and received a contribution to certain development costs totalling £nil (2022: £285,156). At the reporting date Company creditors include £4,779,465 (2022: £3,732,420) and Group creditors include £4,968,002 (2022: £3,930,837) due to the parent company.
During the year the Group and Company paid service charges of £57,311 (2022: £51,540) to a company with common directors.
During the year, the Group and Company received fees totalling £139,240 (2022: £69,087) from companies with a common director. At the reporting date £18,416 (2022: £108,039) was due in respect of these fees.
The Company is part of a Composite Accounting Agreement with a fellow subsidiary company whereby each company has provided a guarantee to the bank, which is authorised to allow setoff for interest purposes and to use credit balances to offset debit balances. A cross guarantee and debenture exists between the two companies and the fellow subsidiary has provided an unlimited guarantee.
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The immediate and ultimate parent undertaking is DLT Entertainment Limited, a company registered in the United States of America.
The ultimate controlling party is Mr D L Taffner Jnr.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 4 April 2025 by Paul Taiano (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.
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