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REGISTERED NUMBER: 03593215 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

DEEP BLUE SOUND LIMITED

DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 6


DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 53,105 32,444

CURRENT ASSETS
Debtors 5 1,567,229 1,270,498
Cash at bank and in hand - 31,048
1,567,229 1,301,546
CREDITORS
Amounts falling due within one year 6 (1,217,302 ) (1,082,212 )
NET CURRENT ASSETS 349,927 219,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

403,032

251,778

PROVISIONS FOR LIABILITIES (4,406 ) -
NET ASSETS 398,626 251,778

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 398,622 251,774
398,626 251,778

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





J W Beaumont - Director


DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Deep Blue Sound Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03593215

Registered office: 6 Elizabeth Court, Higher Lane
Plymouth
Devon
PL1 2AN

The principal activity of the company is to provide a range of state funded education and vocational training, mainly in the subject areas of music and related creative industries.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

GOING CONCERN
The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of music educations services to customers in the ordinary course of the company's activities. Turnover is shown net of valued added tax, rebates and discounts.

Revenue is recognised as the course is delivered.

DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold improvements - 10% straight line
Other property, plant and equipment - 20% straight line
Website costs - 20% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 15 ) .

DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS
Other
Short property,
leasehold plant and Website
improvements equipment costs Totals
£    £    £    £   
COST
At 1 August 2023 17,879 134,997 8,500 161,376
Additions 10,400 19,960 - 30,360
At 31 July 2024 28,279 154,957 8,500 191,736
DEPRECIATION
At 1 August 2023 5,095 119,486 4,351 128,932
Charge for year 1,811 6,703 1,185 9,699
At 31 July 2024 6,906 126,189 5,536 138,631
NET BOOK VALUE
At 31 July 2024 21,373 28,768 2,964 53,105
At 31 July 2023 12,784 15,511 4,149 32,444

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 16,193 38,342
Amounts owed by group undertakings 1,504,902 1,193,570
Other debtors 46,134 38,586
1,567,229 1,270,498

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 59,787 -
Trade creditors 32,421 10,380
Amounts owed to group undertakings 1,113,819 1,047,603
Taxation and social security 6,830 8,040
Other creditors 4,445 16,189
1,217,302 1,082,212

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

7. SECURED DEBTS

Fixed and floating charges exist dated 28 June 2022 over all the property or undertaking of the company. This charge is with Santander UK PLC.

DEEP BLUE SOUND LIMITED (REGISTERED NUMBER: 03593215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michelle Coates (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. EVENTS AFTER THE REPORTING PERIOD

There were no material events up to the date of approval of the financial statements by the board

11. CONTROLLING PARTY

The parent company is DBS Music Holdings, a company incorporated in England and Wales. The results of this company are consolidated in to the group accounts of Project Alpha Topco Limited.

The ultimate parent company is Project Alpha Topco Limited a company registered in England. The registered office of the company is C/O DPC, Stone House, 55 Stone Road Business Park, Stoke-on-Trent, Staffordshire, ST4 6SR.

12. GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to the ongoing financial support of a fellow subsidiary company, DBS Bristol Limited.