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REGISTERED NUMBER: 13467673 (England and Wales)














MUSIQ GROUP LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


MUSIQ GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M R Clarke
K Stevenson
Mrs M Buckman


REGISTERED OFFICE: Units 1-2 Mill Lane
Chilham
Canterbury
Kent
CT4 8EF


REGISTERED NUMBER: 13467673 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Richard Appleyard FCA


AUDITORS: GMP Audit Limited, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE


SOLICITORS: Farrer & Co. LLP
66 Lincoln's Inn Fields
London
WC2A 3LH

MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 (556,702 ) (629,090 )
Tangible assets 5 5,947,824 5,867,651
Investments 6 479,068 479,068
5,870,190 5,717,629

CURRENT ASSETS
Debtors 7 440,992 394,831
Cash at bank 148,571 183,909
589,563 578,740
CREDITORS
Amounts falling due within one year 8 1,207,864 1,029,438
NET CURRENT LIABILITIES (618,301 ) (450,698 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,251,889

5,266,931

CREDITORS
Amounts falling due after more than
one year

9

(3,627,866

)

(4,127,578

)

PROVISIONS FOR LIABILITIES (407,432 ) (307,107 )
NET ASSETS 1,216,591 832,246

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 1,216,491 832,146
SHAREHOLDERS' FUNDS 1,216,591 832,246

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 Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





K Stevenson - Director


MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Musiq Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Musiq Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TURNOVER
Revenue from finance leases is recognised on systematic basis based on a constant periodic rate of return on the net investment.
Rental income from operating leases is recognised on a straight line basis over the period of the
lease.
All revenues are stated net of value added tax.

NEGATIVE GOODWILL
In October 2021 the company purchased the shares of and debt owed by Duet Piano Leasing Inc. As a result of that transaction negative goodwill of £363,445 was recognised. Duet Piano Leasing Inc has two lease agreements which form the company's revenue, these have a 10 year term that commenced in December 2019. The negative goodwill will be amortised over the remaining lease term.

In October 2021 the company purchased consumer instrument hire agreement equipment from the administrators of Duet Capital (Holdings) Limited. As a result of that transaction negative goodwill of £135,050 was recognised. This balance will be amortised in line with the useful life of the assets.

In October 2021 the company purchased various equipment from the administrators of Duet Capital (Holdings) Limited. This equipment was then immediately sold to Close Brothers Limited as part of a larger hire purchase agreement. As a result of that transaction negative goodwill of £334,958 was recognised. This balance will be amortised in line with the useful life of the assets.

The above treatment falls in line with the business combination rules, covered by section 19 of FRS102, regarding the application of the purchase method where an identifiable business is acquired. The fair value of the identifiable assets has been assessed, and compared against the fair value of consideration. In the above circumstance negative goodwill has arisen, which has been capitalised and impaired over the beneficial period.

MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

INTANGIBLE ASSETS
Additional intangible assets, other than goodwill, shown as at the year-end are as follows:

Intellectual Property Rights - £1.00
Advances - £1.00
Close Contracts - £1.00
Contracts - £1.00
Seller's Records - £1.00

Due to the minimal value of the intangible assets amortisation has not been accounted for. The intangible assets are subject to an annual impairment review.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost and adjusted for negative goodwill. The investments are also subject to an annual impairment review.

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.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

COST OF FUNDS
The costs associated with the funding acquired by the company has been recognised in the financial statements at an apportioned rate across the term of the funding agreement. This apportionment agrees to the balances provided by the funding company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 (833,452 ) 5 (833,447 )
AMORTISATION
At 1 January 2024 (204,357 ) - (204,357 )
Charge for year (72,388 ) - (72,388 )
At 31 December 2024 (276,745 ) - (276,745 )
NET BOOK VALUE
At 31 December 2024 (556,707 ) 5 (556,702 )
At 31 December 2023 (629,095 ) 5 (629,090 )

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 503,951 5,642,608 5,775 3,577 6,155,911
Additions 5,409 262,520 754 1,181 269,864
Disposals - (41,255 ) - (833 ) (42,088 )
At 31 December 2024 509,360 5,863,873 6,529 3,925 6,383,687
DEPRECIATION
At 1 January 2024 7,015 278,107 2,353 784 288,259
Charge for year 10,158 144,167 1,282 784 156,391
Eliminated on disposal - (8,771 ) - (16 ) (8,787 )
At 31 December 2024 17,173 413,503 3,635 1,552 435,863
NET BOOK VALUE
At 31 December 2024 492,187 5,450,370 2,894 2,373 5,947,824
At 31 December 2023 496,936 5,364,501 3,422 2,793 5,867,652

MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 479,068
NET BOOK VALUE
At 31 December 2024 479,068
At 31 December 2023 479,068

Cost or valuation at 31 December 2024 is represented by:

Shares in
group
undertakings
£   
Cost 479,068

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 24,013 12,071
Amounts owed by group undertakings 393,348 370,243
Other debtors 23,631 12,517
440,992 394,831

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,285 8,192
Hire purchase contracts (see note 10) 465,695 401,465
Trade creditors 3,028 5,203
VAT 46,061 45,646
Other creditors 1,580 1,067
Directors' current accounts 234,900 199,900
Deferred income 251,180 231,096
Accrued expenses 196,135 136,869
1,207,864 1,029,438

Debt has been recognised in line with the terms of the funding agreements.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,005 -
Bank loans - 2-5 years 284,117 302,559
Hire purchase contracts (see note 10) 3,333,744 3,825,019
3,627,866 4,127,578

MUSIQ GROUP LIMITED (REGISTERED NUMBER: 13467673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Debt has been recognised in line with the terms of the funding agreements.

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 465,695 401,465
Between one and five years 3,333,744 3,825,019
3,799,439 4,226,484

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 303,407 310,751
Hire purchase contracts 3,799,439 4,226,484
4,102,846 4,537,235

The bank loan is secured against the freehold property as well as personal guarantees by the directors to the sum of £303,407.

The company recognises that it has provided rights over assets held by the company under hire purchase agreements to Close Brothers Limited. Close Brothers Limited holds fixed and floating charges over said assets.

The company has secured additional funding with Paragon Bank which totals £1million to continue its leasing and associated operations in the forthcoming years. The company has offered security in the form of plant & machinery assets acquired with the use of this facility, although the available credit has not yet been drawn down, and none of the company's existing assets are secured against this facility.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified.

Richard Appleyard FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor