The most common and most likely answer to this crossword clue is the 5 letter word PROMS
P
R
O
M
S
More clues leading to the result PROMS
Buddy explains!

The straight part
We know that "Dances" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case dances = proms.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PROMS mean?
PROMS noun- A promenade concert
- (abbreviation) promenade
- A formal ball held at a high school or college on special occasions, e.g. near the end of the academic year