Company Registration No. 04998819 (England and Wales)
DCMUK GSS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
DCMUK GSS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DCMUK GSS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,838
7,468
Current assets
Debtors
4
3,557,749
1,267,737
Cash at bank and in hand
1,226,369
75,985
4,784,118
1,343,722
Creditors: amounts falling due within one year
5
(4,099,492)
(1,628,400)
Net current assets/(liabilities)
684,626
(284,678)
Total assets less current liabilities
702,464
(277,210)
Creditors: amounts falling due after more than one year
6
-
(343,213)
Net assets/(liabilities)
702,464
(620,423)
Capital and reserves
Called up share capital
9
4
4
Profit and loss reserves
702,460
(620,427)
Total equity
702,464
(620,423)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DCMUK GSS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
2019
2018
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2020 and are signed on its behalf by:
Mr A Bergman
Mr A Goodstadt
Director
Director
Company Registration No. 04998819
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
DCMUK GSS Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Bell Yard, London, WC2A 2JR.
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 a
mounts
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Royalties, licences and other turnover is recognised based on the contractual arrangements entered into with the company, which allow them to exploit the writers intellectual property in return for a fee. Where the company is entitled to a fee which is not dependent upon future usage, turnover is recognised when the company has fulfilled its contractual commitments. Where the fees due to the company are dependent upon the usage, turnover is recognised based upon that usage. Where no reliable basis is available for estimating such usage, turnover is recognised when reported to the company by third parties.
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:
Fixtures and fittings
33% straight line
Office equipment
33% straight line
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
.
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.11
Writer Advances
Writer advances were classified as proven and unproven depending on potential earnings potential. Advances to unproven writers were expenses as incurred. Advances to proven writers were held at net book value equal to expected future royalty earnings.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
18
17
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
66,236
Additions
23,206
At 31 December 2019
89,442
Depreciation and impairment
At 1 January 2019
58,768
Depreciation charged in the year
12,836
At 31 December 2019
71,604
Carrying amount
At 31 December 2019
17,838
At 31 December 2018
7,468
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
39,661
75,742
Corporation tax recoverable
-
46,982
Other debtors
3,518,088
1,145,013
3,557,749
1,267,737
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
-
247,428
Trade creditors
30,846
31,259
Corporation tax
247,321
-
Other taxation and social security
36,216
55,462
Other creditors
3,785,109
1,294,251
4,099,492
1,628,400
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
-
343,213
7
Loans and overdrafts
2019
2018
£
£
Bank loans
-
590,641
Payable within one year
-
247,428
Payable after one year
-
343,213
The long-term loans are secured by a fixed charge over DCMUK GSS Limited present and future rights, title and interest in artists music compositions, accounts and deposits.
The loan was fully repaid on the 25th February 2019. The fixed charge was satisfied on the same date.
8
Share-based payment transactions
Number of share options
Weighted average exercise price
2019
2018
2019
2018
Number
Number
£
£
Outstanding at 1 January 2019
71
65
-
-
Granted
5
6
-
-
Outstanding at 31 December 2019
76
71
-
-
Exercisable at 31 December 2019
-
-
-
-
The weighted average share price at the date of exercise for share options exercised during the year was £0 (2018 - £0).
DCMUK GSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
8
Share-based payment transactions
(Continued)
- 8 -
In 2016, the company entered into an EMI share options agreement relating to Good Soldier Songs Limited under which 5 shares vested during the year and the following shares vesting on:
1 February 2020 6 shares
1 February 2021 6 shares
1 February 2022 6 shares
1 February 2023 6 shares
The options are only exercisable in the event of the sale of at least 10% of the issued ordinary shares in the capital of the company, or substantially all the company assets are sold.
Due to the uncertainty regarding the conditions relating to the exercise of the EMI share options the directors consider the option has a £nil fair value at the balance sheet date.
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
200 ordinary A shares of 1p each
2
2
200 ordinary B shares of 1p each
2
2
4
4
2019-12-31
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false
20 October 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
Mr A Bergman
Mr A Goodstadt
Ms E Tattersfield
Mr C A Tattersfield
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