Company registration number 08529113 (England and Wales)
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,787,059
4,808,824
Current assets
Debtors
4
865,085
747,065
Cash at bank and in hand
986
198,007
866,071
945,072
Creditors: amounts falling due within one year
5
(4,349,665)
(4,095,928)
Net current liabilities
(3,483,594)
(3,150,856)
Total assets less current liabilities
1,303,465
1,657,968
Creditors: amounts falling due after more than one year
6
(750,000)
Net assets
553,465
1,657,968
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
553,365
1,657,868
Total equity
553,465
1,657,968
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
S Urdang
Director
Company registration number 08529113 (England and Wales)
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Solange Urdang Studios Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 259-263 Goswell Road, London, EC1V 7AH.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Investment properties
No depreciation
Plant and equipment
20% on 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Investment properties
Plant and equipment
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
4,700,000
635,165
5,335,165
Depreciation and impairment
At 1 August 2023
526,341
526,341
Depreciation charged in the year
21,765
21,765
At 31 July 2024
548,106
548,106
Carrying amount
At 31 July 2024
4,700,000
87,059
4,787,059
At 31 July 2023
4,700,000
108,824
4,808,824
Investment property comprises of the property known as 259-263 Goswell Road & 39-40 Rawstorne Street, Islington, London, EC1V 7AH. A valuation of the property was assessed at £4,700,000 by reference to valuation yields and similar market rents.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
132
13,577
Corporation tax recoverable
53,263
Other debtors
811,690
733,488
865,085
747,065
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
84,807
14,000
Amounts owed to group undertakings
4,166,738
4,066,244
Corporation tax
53,263
Other taxation and social security
19,966
Other creditors
24,891
15,684
4,349,665
4,095,928
SOLANGE URDANG STUDIOS LTD
(FORMERLY THE DANG STUDIOS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
750,000
Other creditors includes a loan from Jeffery King amounting £750,000. which holds a legal charges in relation to the leasehold land known as Commercial Unit, 259 Goswell Road, London EC1V 7JP and registered at HM Land Registry with title absolute under title number AGL297446.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
At the balance sheet date, an amount of £4,166,738 (2023: £4,066,244) was owed to The Old Dang Ltd, the parent company of The Dang Studios Ltd.
At the balance sheet date, an amount on £19,343 (2023: £11,500 owed by) was owed to The Black British Theatre Awards CIC, a company under common directorship.
At the balance sheet date, an amount of £Nil (2023: £337,889) was owed by The Dang Schools Ltd, a fellow subsidiary company, which is now in liquidation.
At the balance sheet date, an amount of £Nil (2023: £268,721) was owed by The Dang Academy Ltd, a fellow subsidiary company , which is now in liquidation.
At the balance sheet date, an amount of £Nil (2023: £82,450) was owed by The Dang Syllabus Limited, a fellow subsidiary company, which is now in liquidation.
At the balance sheet date, the company owed £27,000 (2023: £15,000) by Link Talent Ltd, a company under common directorship. There was a rental charge of £15,000 from the company to Link Talents Ltd during the year.
9
Directors' transactions
As at the balance sheet date, an amount of £550,352 (2023: £Nil) was owed to the company by S Urdang, a director of the company, interest was charged at 2.25% on the balance.
10
Parent company
The company's immediate and ultimate parent undertaking is The Old Dang Ltd, a company registered in England & Wales.
The ultimate controlling party is S Urdang by vitrue of majority ownership of the shares of The Old Dang Ltd.