Company Registration No. 01250515 (England and Wales)
MUSIC IN PRINT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
MUSIC IN PRINT LIMITED
COMPANY INFORMATION
Directors
R Jones
L Morton
T Venvell
Company number
01250515
Registered office
130 Shaftesbury Avenue
London
United Kingdom
W1D 5EU
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
MUSIC IN PRINT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
MUSIC IN PRINT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The directors present the strategic report for the year ended 31 December 2021.

Business review and principal activities

The Company continues to trade in the retailing of printed music and books, musical instruments, and musical accessories, through a chain of retail stores across the UK and Ireland in addition to an online retail site.

As shown in the Company’s profit and loss account on page 7, the Company made a loss before taxation for the year of £885,373 (2020: loss £776,068). Turnover increased 5% during 2021 due to continuing organic growth via the e-commerce channel as the business continues to acquire wider customer reach with a broader product offering and availability.

 

Principal risks and uncertainties

The Company’s results may potentially be impacted by market competition and the general economic climate. The Company manages these risks by providing high quality services to its customers, having fast response times to customer queries, and maintaining strong relationships with its customers.

The Covid-19 pandemic had an adverse impact on the physical retail division of the business, whereby stores were closed for the first fifteen weeks of 2021 (2020: seventeen weeks closed in total). However, the impact was mitigated by an increase in e-commerce sales.

Key performance indicators

The Company’s directors consider sales and profitability to be the key measures of performance.

The Company’s directors do not consider that presentation of non-financial indicators for the Company are necessary or appropriate for an understanding of the development, performance, or position of the business.

The Company takes care to minimise the impact of its operations on the environment.

Future developments

During 2022 the e-commerce platform will further be upgraded and extended to other territories outside of the UK and it is anticipated to bring long term financial benefits to the Company.

On behalf of the board

R Jones
Director
12 September 2022
MUSIC IN PRINT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the company continued to be that of retail sale of musical instruments, accessories and sheet music.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Jones
L Morton
T Venvell
Auditor

The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R Jones
Director
12 September 2022
MUSIC IN PRINT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MUSIC IN PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MUSIC IN PRINT LIMITED
- 4 -
Opinion

We have audited the financial statements of Music In Print Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MUSIC IN PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MUSIC IN PRINT LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

MUSIC IN PRINT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MUSIC IN PRINT LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Selwyn (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
12 September 2022
MUSIC IN PRINT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
11,553,243
10,996,625
Cost of sales
(8,177,148)
(7,561,063)
Gross profit
3,376,095
3,435,562
Administrative expenses
(4,572,641)
(4,611,618)
Other operating income
339,457
429,574
Operating loss
4
(857,089)
(746,482)
Interest payable and similar expenses
6
(28,284)
(29,586)
Loss before taxation
(885,373)
(776,068)
Tax on loss
7
(370)
(2,816)
Loss for the financial year
(885,743)
(778,884)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MUSIC IN PRINT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
9
49,846
34,988
Current assets
Stocks
10
3,725
6,350
Debtors
11
140,782
149,543
Cash at bank and in hand
1,221,657
703,004
1,366,164
858,897
Creditors: amounts falling due within one year
12
(3,081,958)
(1,627,718)
Net current liabilities
(1,715,794)
(768,821)
Total assets less current liabilities
(1,665,948)
(733,833)
Provisions for liabilities
Provisions
13
25,000
10,000
(25,000)
(10,000)
Accruals
14
(139,652)
(201,024)
Net liabilities
(1,830,600)
(944,857)
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
(1,830,700)
(944,957)
Total equity
(1,830,600)
(944,857)
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
R Jones
Director
Company Registration No. 01250515
MUSIC IN PRINT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
100
(166,073)
(165,973)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(778,884)
(778,884)
Balance at 31 December 2020
100
(944,957)
(944,857)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(885,743)
(885,743)
Balance at 31 December 2021
100
(1,830,700)
(1,830,600)
MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information

Music In Print Limited is a private company limited by shares incorporated in England and Wales. The registered office is 130 Shaftesbury Avenue, London, United Kingdom, W1D 5EU.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Hal Leonard LLC.

1.2
Going concern

Whilst Covid-19 had an adverse effect on the retail stores, which were closed during the year for a period of time, this was mitigated by an increase in e-commerce sales. In respect of future trading, the directors are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements, in addition the company has the support from its ultimate parent company.true

 

1.3
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. 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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software and licenses
3 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years
Fixtures and fittings
4 years
Computers
4 years

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
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.

MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are 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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

Deferred tax

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no judgements or key sources of estimation used in the financial statements.

3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
11,553,243
10,996,625
2021
2020
£
£
Other significant revenue
Grants received
339,457
429,574
MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 14 -
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
11,361,065
10,761,532
Europe
192,178
235,093
11,553,243
10,996,625
4
Operating loss
2021
2020
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
6,421
(3,833)
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
16,250
Depreciation of owned tangible fixed assets
19,513
27,362
Operating lease charges
403,829
414,043
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Administrative
57
73

Their aggregate remuneration comprised:

2021
2020
£
£
Wages and salaries
1,046,911
1,257,590
Social security costs
83,178
93,344
Pension costs
32,429
36,335
1,162,518
1,387,269
6
Interest payable and similar expenses
2021
2020
£
£
Other interest
28,284
29,586
MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
(Continued)
- 15 -
7
Taxation
2021
2020
£
£
Current tax
Foreign current tax on profits for the current period
370
2,816

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Loss before taxation
(885,373)
(776,068)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(168,221)
(147,453)
Tax effect of expenses that are not deductible in determining taxable profit
361
175
Unutilised tax losses carried forward
165,351
144,440
Depreciation on assets not qualifying for tax allowances
2,579
3,373
Other permanent differences
(70)
(535)
Effect of overseas tax rates
370
2,816
Taxation charge for the year
370
2,816

The company has estimated tax losses of £6,700,000 (2020: £5,700,000). In view of the fact that it is less likely than not that these can be fully utilised, no deferred tax asset, which would equate to approximately £1,700,000 has been recognised.

8
Intangible fixed assets
Software and licenses
£
Cost
At 1 January 2021 and 31 December 2021
1,639,516
Amortisation and impairment
At 1 January 2021 and 31 December 2021
1,639,516
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
-
0
MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2021
245,660
16,633
24,919
287,212
Additions
-
0
-
0
34,371
34,371
At 31 December 2021
245,660
16,633
59,290
321,583
Depreciation and impairment
At 1 January 2021
215,761
13,494
22,969
252,224
Depreciation charged in the year
17,623
981
909
19,513
At 31 December 2021
233,384
14,475
23,878
271,737
Carrying amount
At 31 December 2021
12,276
2,158
35,412
49,846
At 31 December 2020
29,899
3,139
1,950
34,988
10
Stocks
2021
2020
£
£
Finished goods and goods for resale
3,725
6,350
11
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
5,259
3,676
Corporation tax recoverable
2,287
-
0
Other debtors
39,069
44,557
Prepayments and accrued income
94,167
101,310
140,782
149,543
MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
12
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
119,192
63,353
Amounts owed to group undertakings
2,841,979
1,347,298
Corporation tax
-
0
1,108
Other taxation and social security
120,787
214,335
Other creditors
-
0
1,624
3,081,958
1,627,718
13
Provisions for liabilities
2021
2020
£
£
Property dilapidation provision
25,000
10,000
Movements on provisions:
Property dilapidation provision
£
At 1 January 2021
10,000
Additional provisions in the year
15,000
At 31 December 2021
25,000
14
Accruals
2021
2020
£
£
Accruals
139,652
201,024
15
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,429
36,335

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MUSIC IN PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
16
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2021
2020
£
£
Within one year
367,500
292,733
Between two and five years
708,250
534,250
In over five years
254,167
66,000
1,329,917
892,983
18
Ultimate controlling party

The parent company for which consolidated financial statements are drawn up and of which Music in Pint Limited is a member is Hal Leonard LLC.

 

The ultimate controlling party is SEP V HL Holdings LP.

 

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