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Registration number: 11963924

Vista Musical Instruments UK Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Vista Musical Instruments UK Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

Vista Musical Instruments UK Limited

Company Information

Directors | Meng Ru Kuok Yiming Ivan Chen

Registered office | The Portland Building 27-28 Church Street Brighton East Sussex, United Kingdom BN1 1RB

Auditors | Carbon Accountancy Limited Chartered Accountants and Statutory Auditors80-83 Long Lane London EC1A 9ET

Vista Musical Instruments UK Limited

(Registration number: 11963924)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 839,575 | 116,122
Debtors | 6 | 31,500 | -
|  | 871,075 | 116,122
Current assets |  |  |
Stocks | 5 | 506,500 | 347,488
Debtors | 6 | 18,315 | 114,021
Cash at bank and in hand |  | 70,009 | 46,107
|  | 594,824 | 507,616
Creditors: Amounts falling due within one year | 7 | (1,470,919) | (929,031)
Net current liabilities |  | (876,095) | (421,415)
Total assets less current liabilities |  | (5,020) | (305,293)
Creditors: Amounts falling due after more than one year | 7 | (741,966) | -
Net liabilities |  | (746,986) | (305,293)
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings |  | (746,987) | (305,294)
Shareholders' deficit |  | (746,986) | (305,293)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 December 2025 and signed on its behalf by:

......................................... Yiming Ivan Chen Director

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Portland Building
27-28 Church Street
Brighton
East Sussex, United Kingdom
BN1 1RB

These financial statements were authorised for issue by the Board on 4 December 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Company incurred a loss of £441,693 (2023: £305,293) and had net liabilities of £746,986 (2023: £305,293) including amount owed to group companies of £1,323,754 (2023: £815,990). The directors of the Company are confident that the performance of the Company will be significantly improved when the Company starts full operations in the next financial year. The Company will also be supported by its intermediate parent company, Caldecott Music Group, for a period of at least 12 months after the approval of the financial statements to enable the Company to meet its obligations as and when they fall due. On this basis, the directors have concluded that the use of the going concern basis is appropriate and that there exists no material uncertainty over going concern.

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 4 December 2025 was John Leyden, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer:
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be easily measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 20% straight line basis

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Fixtures and fittings | 33.33% straight line basis
Office equipment | 33.33% straight line basis
Plant and machinery | 33.33% straight line basis
Right-of-use assets | 10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using weighted average cost method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

The Company recognises a lease liability and a right-of-use asset at the commencement date of the lease.
The lease liability is initially measured at the present value of the remaining lease payments at commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The Company uses its incremental borrowing rate as the discount rate.
The carrying amount of the lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made.
The lease liability is re-measured when there is a change in future lease payments arising from a change in an index rate or, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
For rent concessions in leases the Company assesses whether there is a lease modification. The lease liability is then re-measured at the present value of the revised lease payments at the modification date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The change in the present value of the lease liability is accounted for as an increase to the right-of-use asset where it relates to a future change, with any element relating to a past payment dated before the modification date accounted for in the income statement.
The right-of-use asset is recognised at an amount equal to the total of the lease liability, any lease payments made at or before the commencement date, any initial direct costs and the estimated future dismantling, removal and site restoration costs. The Company presents right-of-use assets in ‘property, plant and equipment’, the same line item as it presents underlying assets of the same nature that it owns.
Right-of-use assets included in property, plant and equipment are initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for any re-measurements or modifications of the lease liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 4 (2023 - 1).

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Right of use asset property £ | Office & computer equipment £ | Total £
Cost or valuation
At 1 January 2024 | 108,195 | 5,609 | - | 5,203 | 119,007
Additions | 6,678 | 916 | 824,251 | - | 831,845
At 31 December 2024 | 114,873 | 6,525 | 824,251 | 5,203 | 950,852
Depreciation
At 1 January 2024 | 1,803 | 267 | - | 815 | 2,885
Charge for the year | 22,764 | 2,149 | 81,744 | 1,735 | 108,392
At 31 December 2024 | 24,567 | 2,416 | 81,744 | 2,550 | 111,277
Carrying amount
At 31 December 2024 | 90,306 | 4,109 | 742,507 | 2,653 | 839,575
At 31 December 2023 | 106,392 | 5,342 | - | 4,388 | 116,122

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5 | Stocks

| 2024 £ | 2023 £
Other inventories | 506,500 | 347,488

6 | Debtors

Current | Note | 2024 £ | 2023 £
Amounts owed by group undertakings | 9 | 10,160 | 4,755
Prepayments |  | 2,755 | 2,355
Other debtors |  | 5,400 | 106,911
|  | 18,315 | 114,021

Non-current | 2024 £ | 2023 £
Other debtors | 31,500 | -
| 31,500 | -

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Lease liabilities |  | 66,078 | -
Trade creditors |  | 34,031 | 53,322
Amounts owed to group undertakings | 9 | 1,323,754 | 815,990
Accruals and deferred income |  | 34,218 | 54,290
Other creditors |  | 12,838 | 5,429
|  | 1,470,919 | 929,031

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Lease liabilities |  | 741,966 | -

Vista Musical Instruments UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

9 | Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 Para 33.1A and has not reported transactions with group companies which were concluded under normal market conditions.

10 | Parent and ultimate parent undertaking

The Company's immediate parent is Vista Musical Instruments Corporation, incorporated in the Cayman Islands.
The ultimate parent is Hot Spots Holdings Limited, incorporated in the British Virgin Islands.