Company registration number 01735450 (England and Wales)
MARKSON PIANOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
MARKSON PIANOS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARKSON PIANOS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,067,235
1,075,132
Current assets
Stocks
486,457
485,915
Debtors
4
370,053
258,158
Cash at bank and in hand
421,119
505,134
1,277,629
1,249,207
Creditors: amounts falling due within one year
5
(561,370)
(517,970)
Net current assets
716,259
731,237
Total assets less current liabilities
1,783,494
1,806,369
Creditors: amounts falling due after more than one year
6
(238,542)
(372,402)
Net assets
1,544,952
1,433,967
Capital and reserves
Called up share capital
51,143
51,143
Profit and loss reserves
1,493,809
1,382,824
Total equity
1,544,952
1,433,967
MARKSON PIANOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
Mr S Markson
Director
Company registration number 01735450 (England and Wales)
MARKSON PIANOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Markson Pianos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Cooper House, 316 Regents Park Road, London, N3 2JX.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
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 and other sales related taxes. 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% p.a Straight line
Plant and equipment
10% p.a Reducing balance
Fixtures and fittings
25% p.a Straight line
Computers
25% p.a Straight line
Motor vehicles
25% p.a Straight line
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.
MARKSON PIANOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks
Pianos acquired are initially treated as stock. Upon hire, a piano is treated as a fixed asset and the cost of such pianos, when sold, has been charged as cost of sales.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition.
1.5
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
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Where the company is the lessee, the rental payable on operating leases are charged on a straight line basis over the term of the lease.
Where the company is the lessor, the interest arising in finance leases has been time apportioned so that the part relating to periods after the year end has been carried forward. Rentals received on operating leases are apportioned on a straight line basis over the term of the lease.
MARKSON PIANOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
11
12
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
517,709
1,144,853
1,662,562
Additions
159,528
159,528
Disposals
(109,595)
(109,595)
At 31 March 2025
517,709
1,194,786
1,712,495
Depreciation and impairment
At 1 April 2024
72,480
514,950
587,430
Depreciation charged in the year
10,354
81,067
91,421
Eliminated in respect of disposals
(33,591)
(33,591)
At 31 March 2025
82,834
562,426
645,260
Carrying amount
At 31 March 2025
434,875
632,360
1,067,235
At 31 March 2024
445,229
629,903
1,075,132
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
331,189
231,724
Other debtors
38,864
26,434
370,053
258,158
MARKSON PIANOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
100,000
100,000
Trade creditors
261,500
230,873
Corporation tax
38,006
31,664
Other taxation and social security
58,725
54,557
Other creditors
103,139
100,876
561,370
517,970
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
154,017
252,401
Other creditors
84,525
120,001
238,542
372,402
7
Debenture
The company entered into a debenture with Coutts & Co on 1st November 1996 which is secured on the fixed and floating charges on the assets of the company covering all the liabilities to the bank.
The company entered into a debenture with Coutts & Co on 3rd October 2017 which is secured by a fixed charge on Unit 7 Mulberry Court, Bourne Industrial Park, DA1 4BF covering all the liabilities to the bank.
8
Controlling party
The company is controlled by the directors who own 100% of the called up share capital.