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REGISTERED NUMBER: 08288829 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

DBS MUSIC HOLDINGS LIMITED

DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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 7


DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 141,960 202,464
Investments 6 780,100 780,100
922,060 982,564

CURRENT ASSETS
Debtors 7 1,439,661 1,416,503
Cash at bank and in hand - 57,266
1,439,661 1,473,769
CREDITORS
Amounts falling due within one year 8 (2,441,895 ) (1,548,421 )
NET CURRENT LIABILITIES (1,002,234 ) (74,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(80,174

)

907,912

PROVISIONS FOR LIABILITIES (13,840 ) (50,616 )
NET (LIABILITIES)/ASSETS (94,014 ) 857,296

CAPITAL AND RESERVES
Called up share capital 780,004 780,004
Retained earnings (874,018 ) 77,292
(94,014 ) 857,296

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


DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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


1. STATUTORY INFORMATION

DBS Music Holdings 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: 08288829

Registered office: 26 Hulme Street
Manchester
Greater Manchester
M1 5BW

The principal activity of the company during the year was that of a holding company and operating the control function of the group.

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.

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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about DBS Music Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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.
Improvements to property - 10% straight line
Fixtures and fittings - 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.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

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.


DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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.

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 POLICY
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 14 (2023 - 10 ) .

4. AUDITORS' REMUNERATION

In the year ended 31 July 2024, the auditors' remuneration was borne by a fellow group company, DBS Bristol Limited.

DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 August 2023 11,367 435,145 446,512
Additions 1,868 28,424 30,292
At 31 July 2024 13,235 463,569 476,804
DEPRECIATION
At 1 August 2023 299 243,749 244,048
Charge for year 1,183 89,613 90,796
At 31 July 2024 1,482 333,362 334,844
NET BOOK VALUE
At 31 July 2024 11,753 130,207 141,960
At 31 July 2023 11,068 191,396 202,464

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 August 2023
and 31 July 2024 780,100
NET BOOK VALUE
At 31 July 2024 780,100
At 31 July 2023 780,100

The company owns 100% of the issued share capital of the following companies:

Deep Blue Sound Limited, a company incorporated in England and Wales. Its principal activity is that of a recording studio and musical education facility. The registered office is: 6 Elizabeth Court, Higher Lane, Plymouth, Devon, PL1 2AN.

DBS Bristol Limited, a company incorporated in England and Wales. Its principal activity is that of a recording studio and musical education facility. The registered office is: 17 St Thomas Street, Bristol, United Kingdom, BS1 6JS.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Amounts owed by group undertakings 1,398,409 1,401,977
Other debtors 41,252 14,526
1,439,661 1,416,503

DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 171,104 -
Trade creditors 3,885 1,258
Amounts owed to group undertakings 2,232,546 1,531,316
Taxation and social security 11,641 5,759
Other creditors 22,719 10,088
2,441,895 1,548,421

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

9. 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.

10. 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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
N O Burt
Balance outstanding at start of year 450 100
Amounts advanced - 350
Amounts repaid - -
Amounts written off (450 ) -
Amounts waived - -
Balance outstanding at end of year - 450

The director's loan was interest free and unsecured with no fixed repayment term.

12. 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.

13. EVENTS AFTER THE END OF THE REPORTING PERIOD

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

DBS MUSIC HOLDINGS LIMITED (REGISTERED NUMBER: 08288829)

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


14. CONTROLLING PARTY

The company is a wholly owned subsidiary of DBS Music UK Holdings Limited, a company incorporated in England and Wales.

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.

15. 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.