Millers Music Centre Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Millers Music Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00888853 . The registered office is 14 Sussex Street, Cambridge, CB1 1PW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

Total liabilities exceed current assets at the balance sheet date. The director considers that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has the backing of the shareholders which is forecast to continue for the next 12 months and beyond. Accordingly, the director considers that it is appropriate to prepare the accounts on a going concern basis.

2.3. Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable. Rental income from operating leases is recognised on a straight line basis over the lease term. Turnover arising from the sales of goods secured on hire purchase agreements is recognised in full on the invoice date. Any finance charge element included within the invoice value is deferred and recognised on a straight line basis over the term of the engagement.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Other Fixed Assets	at varying rates on cost
Motor Vehicles	20% on cost
Fixtures & Fittings	20% on cost
Computer Equipment	50% on cost

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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Millers Music Centre Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Financial Instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

2.10. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.11. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.12. Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13. Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2024: 11)

4. Intangible Assets

	Goodwill	Development Costs	Total
	£	£	£
Cost
As at 1 April 2024	414,158	18,150	432,308
Additions	3,520	-	3,520

As at 31 March 2025	417,678	18,150	435,828

Amortisation
As at 1 April 2024	414,158	18,150	432,308
Provided during the period	1,320	-	1,320

As at 31 March 2025	415,478	18,150	433,628

Net Book Value
As at 31 March 2025	2,200	-	2,200

As at 1 April 2024	-	-	-

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Millers Music Centre Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Other Fixed Assets	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	137,631	250	5,195	6,521	149,597
Additions	31,836	-	17,686	2,199	51,721
Disposals	(27,055 )	-	-	-	(27,055 )

As at 31 March 2025	142,412	250	22,881	8,720	174,263

Depreciation
As at 1 April 2024	113,992	83	1,443	6,145	121,663
Provided during the period	19,154	167	7,175	523	27,019
Disposals	(17,514 )	-	-	-	(17,514 )

As at 31 March 2025	115,632	250	8,618	6,668	131,168

Net Book Value
As at 31 March 2025	26,780	-	14,263	2,052	43,095

As at 1 April 2024	23,639	167	3,752	376	27,934

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2024	1,000

As at 31 March 2025	1,000

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	1,000

As at 1 April 2024	1,000

7. Stocks

	2025	2024
	£	£
Stock	115,004	77,309

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	19,981	72,990
Amounts owed by group undertakings	40,744	101,882
Other debtors	25,493	74,441

	86,218	249,313

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Millers Music Centre Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	131,563	201,128
Bank loans and overdrafts	-	2,348
Other loans	101,821	54,741
Amounts owed to group undertakings	1,000	4,082
Other creditors	51,148	63,438
Taxation and social security	68,796	63,084

	354,328	388,821

Other creditors include the following:

- A block discounting facility, this is secured via fixed and floating charges over the assets held by and

receivable by the Company. Guarantees have been provided by the parent company, 1856 Holdings Ltd

and the director.

- Deferred consideration due as part of an asset purchase agreement due over a 36 month period.

Other loans are secured against the assets of the company and it's parent company, 1856 Holdings Ltd.

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	176,825	240,629

11. Provisions for Liabilities


	Other Provisions	Total
	£	£
As at 1 April 2024	25,000	25,000

Balance at 31 March 2025	25,000	25,000

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	45,000	45,000
Later than one year and not later than five years	42,150	87,150

	87,150	132,150

14. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is 1856 Holdings Limited . 1856 Holdings Limited was incorporated in England & Wales and registered at 14 Sussex Street, Cambridge, CB1 1PW. The ultimate controlling party is Mr S J Pollard who controls 100% of the shares of 1856 Holdings Limited .

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		2,200		-
Tangible Assets	5		43,095		27,934
Investments	6		1,000		1,000

			46,295		28,934
CURRENT ASSETS
Stocks	7	115,004		77,309
Debtors	8	86,218		249,313
Cash at bank and in hand		21,059		22,427

		222,281		349,049
Creditors: Amounts Falling Due Within One Year	9	(354,328 )		(388,821 )

NET CURRENT ASSETS (LIABILITIES)			(132,047 )		(39,772 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(85,752 )		(10,838 )

Creditors: Amounts Falling Due After More Than One Year	10		(176,825 )		(240,629 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	11		(25,000 )		(25,000 )

NET LIABILITIES			(287,577 )		(276,467 )

CAPITAL AND RESERVES
Called up share capital	12		100		100
Capital redemption reserve			600		600
Profit and Loss Account			(288,277 )		(277,167 )

SHAREHOLDERS' FUNDS			(287,577)		(276,467)