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Ten Minutes Touring Company Limited
Registered number: 04813798
Information for filing with
Registrar
For the period ended 5 April 2025
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TEN MINUTES TOURING COMPANY LIMITED
REGISTERED NUMBER: 04813798
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2025
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Debtors: amounts falling due within one year
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Current asset investments
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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TEN MINUTES TOURING COMPANY LIMITED
REGISTERED NUMBER: 04813798
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 5 APRIL 2025
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 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 by:
The notes on pages 3 to 9 form part of these financial statements.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
Ten Minutes Touring Company Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number is 04813798. The company's registered office address is 30 Old Bailey, London, EC4M 7AU. The company does not have a principal place of business within the United Kingdom.
The company has shortened its accounting period from 30 June 2025 to 5 April 2025, to align with the tax year-end. As a result, the financial results cover a nine-month period and are therefore not directly comparable to those of the prior year.
The principal activity of the company is that of other amusement and recreation activities.
2.Accounting policies
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Basis of preparation of financial statements
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The 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.
These financial statements have been presented in Pounds Sterling and are rounded to the nearest pound, as this is the company’s functional currency, being the currency of the primary economic environment in which the company operates.
The following principal accounting policies have been applied:
The directors have assessed the balance sheet and likely future cash flows, and have considered the matter disclosed in note 9, at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes. The following criteria must also be met before turnover is recognised.
Turnover comprises several types of income:
- Artist services in the United Kingdom and Republic of Ireland;
- Production services for tours worldwide except for the United States of America, Australia and New Zealand;
Tour income is recognised on completion of each leg of the tour, appearance fees when performance has taken place.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentation currency is Pounds Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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Recharge of performance income
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Performance income generated in the United Kingdom is considered the income of the company; however, it is taxed directly on the director of the company. Similarly, the company cannot benefit from expenses incurred in relation to these performances. Therefore, the profit or loss related to UK performances is recharged to the director at the end of the financial period.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in profit or loss using the effective interest method.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Debtors: amounts falling due within one year
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Short-term debtors are measured at transaction price, less any impairment. Receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Current asset investments
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Current asset investments are liquid investments that mature in no more than 12 months from the date of acquisition.
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Creditors: amounts falling due within one year
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Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including the directors, during the period was 4 (year ended 30 June 2024: 3).
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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Debtors: amounts falling due within one year
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Prepayments and accrued income
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Current asset investments
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Deposit accounts requiring more than three months' notice to access the funds are considered to be current asset investments.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
Included within other creditors is a loan from a director. Refer to note 8 for more information.
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TEN MINUTES TOURING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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Allotted, called up and fully paid
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100 (2024: 100) Ordinary shares of £1 each
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The company has one class of shares; each share carries one voting right per share but no right to fixed income.
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Related party transactions
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The company has taken advantage of the exemption permitted by Section 33 'Related party disclosures' to not provide disclosures of transactions entered into with other wholly owned members of the group.
The company is not required to disclose related party transactions which have been concluded under normal market conditions.
Loans to directors
Included within other creditors is a loan of £1,374,706 (30 June 2024: £410,711) owed to a director of the company. The loan is unsecured, interest-free and repayable on demand.
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Post balance sheet events
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Following the period-end, the directors made the decision to cease the company's activities which relate to performances. The decision is not expected to have a significant impact on the comany's profits for future financial periods.
There have been no other significant events affecting the company since the period-end.
The immediate and ultimate parent company is Darenote Limited, a company incorporated in England and Wales.
The ultimate controlling party is K Minogue.
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