Radio Music Store Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC055833

Radio Music Store Limited

Filleted Unaudited Financial Statements

31 March 2025

Radio Music Store Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5	172,867	178,596
Investments	6	8,422	13,718
		---------	---------
		181,289	192,314

Current assets

Stocks		60,582	54,976
Debtors	7	103,481	99,170
Cash at bank and in hand		75,002	125,273
		---------	---------
		239,065	279,419

Creditors: amounts falling due within one year	8	45,466		31,556
		---------		---------
Net current assets			193,599	247,863
			---------	---------
Total assets less current liabilities			374,888	440,177

Provisions

Taxation including deferred tax	8,631	9,858
	---------	---------
Net assets	366,257	430,319
	---------	---------

Radio Music Store Limited

Statement of Financial Position (continued)

31 March 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	10	5,000	5,000
Revaluation reserve		83,699	83,699
Profit and loss account		277,558	341,620
		---------	---------
Shareholders funds		366,257	430,319
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

Michael Eric Kane

Director

Company registration number: SC055833

Radio Music Store Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1/5 Quakerfield, Bannockburn, FK7 8HP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. The interest element of Hire Purchase contracts sold is spread over the period of the contract. The net value of income deferred in the current year decreased by £6,386 (2024 - £5,535) resulting in an increase in income recognised.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	20% straight line
Rental stock	-	33% straight line

At the end of the agreement when rental stock has been fully depreciated, it is treated as disposed of to reduce both cost and accumulated depreciation to nil. Any rental stock which is subsequently sold is treated as revenue income .

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The following assets and liabilities are classified as financial instruments - investments, trade debtors, trade creditors and bank deposits. The investment in the unlisted shares in the 'trading group' is initially recorded at cost and assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. The value of the investment is adjusted to take account of its share of the profits in the group, as shown in the annual Member's Accumulated Fund statement . Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. Bank deposits are measured at the undiscounted amounts held on deposit at the end of the reporting period.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2024: 5 ).

5. Tangible assets

	Freehold property	Motor vehicles	Equipment	Rental stock	Total
	£	£	£	£	£
Cost
At 1 April 2024	130,000	20,909	5,647	109,021	265,577
Additions	–	–	3,092	29,857	32,949
Disposals	–	–	( 607)	( 37,849)	( 38,456)
	---------	--------	-------	---------	---------
At 31 March 2025	130,000	20,909	8,132	101,029	260,070
	---------	--------	-------	---------	---------
Depreciation
At 1 April 2024	7,800	17,421	5,647	56,113	86,981
Charge for the year	2,600	872	196	35,010	38,678
Disposals	–	–	( 607)	( 37,849)	( 38,456)
	---------	--------	-------	---------	---------
At 31 March 2025	10,400	18,293	5,236	53,274	87,203
	---------	--------	-------	---------	---------
Carrying amount
At 31 March 2025	119,600	2,616	2,896	47,755	172,867
	---------	--------	-------	---------	---------
At 31 March 2024	122,200	3,488	–	52,908	178,596
	---------	--------	-------	---------	---------

Tangible assets held at valuation

The heritable property was valued on 3 November 2021 by J & E Shepherd,Chartered Surveyors, 11 Gladstone Place, Stirling. In their opinion, the property had a market value of £130,000.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 March 2025
Aggregate cost	46,301
Aggregate depreciation	(44,478)
	--------
Carrying value	1,823
	--------

At 31 March 2024
Aggregate cost	46,301
Aggregate depreciation	(43,552)
	--------
Carrying value	2,749
	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2024	13,718
Revaluations	( 5,296)
	--------
At 31 March 2025	8,422
	--------
Impairment
At 1 April 2024 and 31 March 2025	–
	--------

Carrying amount
At 31 March 2025	8,422
	--------
At 31 March 2024	13,718
	--------

The company became Euronics agents during the year ended 31 March 2015. As part of their membership it acquired 1 ordinary share of £1,390 in Combined Independent (Holdings) Limited and 250 shares in Radio Electrical Supplies (Scotland) Limited. Both of these are unlisted shares.

Investments held at valuation

The unlisted investment in the 'Trading group' was revalued in the year, to reduce the carrying value to cost.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Other investments other than loans
	£
At 31 March 2025
Aggregate cost	8,172
Aggregate depreciation	–
	-------
Carrying value	8,172
	-------

At 31 March 2024
Aggregate cost	8,172
Aggregate depreciation	–
	-------
Carrying value	8,172
	-------

7. Debtors

	2025	2024
	£	£
Trade debtors	73,426	84,774
Other debtors	30,055	14,396
	---------	--------
	103,481	99,170
	---------	--------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Trade debtors	4,644	6,687
	-------	-------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	14,411	13,676
Social security and other taxes	15,697	3,161
Other creditors	15,358	14,719
	--------	--------
	45,466	31,556
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	8,631	9,858
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	8,631	8,899
Other revaluations	–	959
	-------	-------
	8,631	9,858
	-------	-------

10. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	5,000	5,000	5,000	5,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	5,000	5,000	5,000	5,000
	-------	-------	-------	-------

11. Directors' advances, credits and guarantees

As at 31 March 2025, director A, owed the company £ 21,924 (2024 - £ 4,254 ). Total advances and credits during the year amounted to £ 38,345 , including interest of £664. Total repayments in the year amounted to £ 20,675 . Interest is charged on the loan at 3% per annum and is repaid by monthly instalments of £470.55. As at 31 March 2025, director B, owed the company £nil (2024 - £3,902). Total advances and credit during the year amounted to £nil. Total repayments in the year amounted to £3,902. There was no interest charged on the loan. As at 31 March 2025, director C, owed the company £nil (2024 - £3,902). Total advances and credit during the year amounted to £nil. Total repayments in the year amounted to £3,902. There was no interest charged on the loan.