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REGISTERED NUMBER: 08510728 (England and Wales)















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: Herr M Sauer



REGISTERED OFFICE: Chesham House
Chesham Close
Romford
Essex
RM7 7PJ



REGISTERED NUMBER: 08510728 (England and Wales)



SENIOR STATUTORY AUDITOR: P G Harris FCCA ACA



AUDITORS: Chegwidden & Co
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 1,826 3,122
1,826 3,122

CURRENT ASSETS
Debtors 6 27,877 109,909
Cash at bank and in hand 80,235 84,818
108,112 194,727
CREDITORS
Amounts falling due within one year 7 1,664,794 1,779,412
NET CURRENT LIABILITIES (1,556,682 ) (1,584,685 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,554,856

)

(1,581,563

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,554,857 ) (1,581,564 )
SHAREHOLDERS' FUNDS (1,554,856 ) (1,581,563 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28th October 2024 and were signed by:





Herr M Sauer - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Going concern
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 6 (2023 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 186,837
AMORTISATION
At 1st July 2023
and 30th June 2024 186,837
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 99,463 449,701 549,164
DEPRECIATION
At 1st July 2023 99,462 446,580 546,042
Charge for year - 1,296 1,296
At 30th June 2024 99,462 447,876 547,338
NET BOOK VALUE
At 30th June 2024 1 1,825 1,826
At 30th June 2023 1 3,121 3,122

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,580 19,011
Other debtors 23,297 90,898
27,877 109,909

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 968,723
Trade creditors 32,030 99,654
Amounts owed to group undertakings 1,504,241 531,338
Taxation and social security 4,530 9,780
Other creditors 123,993 169,917
1,664,794 1,779,412

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 - 968,723

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

P G Harris FCCA ACA (Senior Statutory Auditor)
for and on behalf of Chegwidden & Co

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.