REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED |
COMPANY INFORMATION |
for the year ended 30th June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Priestley House |
Priestley Gardens |
Chadwell Heath |
Essex |
RM6 4SN |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
BALANCE SHEET |
30th June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Music Store Professional UK / DV247 Limited is a |
2. | ACCOUNTING POLICIES |
Going concern |
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the parent holding company that they will continue to give financial support to the company for a period exceeding twelve months from the date of signing these financial statements. |
On this basis, the holding company considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold - 20% on cost (improvements to property) |
Fixtures and fittings - 20% on cost |
Computer equipment - 20% on cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result and the company made a loss on exchange totalling £253 (2023: £25) for the period. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
AMORTISATION |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th June 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
and 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
MUSIC STORE PROFESSIONAL UK / DV247 |
LIMITED (REGISTERED NUMBER: 08510728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th June 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
Within one year | £ | £ |
Land and Property | 18,000 | 78,000 |
Other | - | - |
18,000 | 78,000 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Sauer Immobilien Verwaltungs und Beteilligungs GmbH, a company registered in Germany, is the parent holding company of Music Store Professional GmbH, a subsidiary company registered in Germany on 4 April 2017, is the immediate parent company of Music Store Professional UK / DV247 Limited. During the period the following transactions took place: |
Trading transactions |
Sales Ledger | Purchase Ledger | Balances |
Transactions | Transactions | at 30/6/24 |
£ | £ | £ |
Music Store Professional GmbH | 939,737 | - | - |
Music Store Professional GmbH | - | 13,684 | (1,504,241 | ) |
At the balance sheet date, Music Store Professional UK / DV247 Limited owed Music Store Professional GmbH £1,504,241 and this is included in amounts owed to group undertakings. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Herr M Sauer. |