Marshall Music UK Ltd 12264438 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is sale of audio electronic products and providing marketing support on behalf of the parent undertaking Digita Accounts Production Advanced 6.30.9574.0 true true true true true true true false true 12264438 2024-01-01 2024-12-31 12264438 2024-12-31 12264438 bus:OrdinaryShareClass1 2024-12-31 12264438 bus:Consolidated 2024-12-31 12264438 1 2024-12-31 12264438 core:RetainedEarningsAccumulatedLosses 2024-12-31 12264438 core:ShareCapital 2024-12-31 12264438 core:CurrentFinancialInstruments 2024-12-31 12264438 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12264438 bus:FRS102 2024-01-01 2024-12-31 12264438 bus:Audited 2024-01-01 2024-12-31 12264438 bus:FullAccounts 2024-01-01 2024-12-31 12264438 bus:RegisteredOffice 2024-01-01 2024-12-31 12264438 bus:CompanySecretary1 2024-01-01 2024-12-31 12264438 bus:Director1 2024-01-01 2024-12-31 12264438 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 12264438 bus:Consolidated 2024-01-01 2024-12-31 12264438 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12264438 1 2024-01-01 2024-12-31 12264438 core:UKTax 2024-01-01 2024-12-31 12264438 1 2024-01-01 2024-12-31 12264438 1 2024-01-01 2024-12-31 12264438 countries:EnglandWales 2024-01-01 2024-12-31 12264438 2023-01-01 2023-12-31 12264438 2023-12-31 12264438 bus:OrdinaryShareClass1 2023-12-31 12264438 core:RetainedEarningsAccumulatedLosses 2023-12-31 12264438 core:ShareCapital 2023-12-31 12264438 core:CurrentFinancialInstruments 2023-12-31 12264438 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12264438 core:UKTax 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12264438

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Contents

Company Information | 1
Director's Report | 2 to 3
Statement of Director's Responsibilities | 4
Independent Auditor's Report | 5 to 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 to 18

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Company Information

Director | M J Axhamre

Company secretary | Goodwille Limited

Registered office | 1 Chapel Street Warwick Warwickshire CV34 4HL

Independent Auditor | Shaw Gibbs (Audit) Limited Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Director's Report for the Year Ended 31 December 2024

The director presents his annual report on the affairs of Zound Industries UK Ltd, together with the financial statements and the independent auditor's report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is sale of audio electronic products and providing marketing support on behalf of the parent undertaking

Change of company name

The company changed its name from Zound Industries UK Ltd to Marshall Music UK Ltd effective from 1 September 2025.

Director of the company

The director who served throughout the period and up to date of authorisation of this report was as follows:

M J Axhamre

Going concern

The director has considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and has also reviewed the ongoing committed financial support from the company's parent undertaking and is confident that this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company’s financial statements.
Zound Industries UK Limited is reliant on the support of Marshall Group AB (formerly Zound Industries International AB) as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Directors' insurance and indemnities

The parent company has entered into qualifying third party indemnity arrangements for the benefit of all its directors of the parent company and of all its subsidiaries in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Statement of disclosure to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware.

Reappointment of auditors

The auditors Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Director's Report for the Year Ended 31 December 2024 (continued)

Small companies provision statement

The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company qualifies as a small company.

The director's report was approved by the director on 7 January 2026 and signed on its behalf by:

......................................... Authorised signatory of Goodwille Limited Company secretary

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Independent Auditor's Report to the Member of
Marshall Music UK Ltd

Opinion

We have audited the financial statements of Marshall Music UK Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Independent Auditor's Report to the Member of
Marshall Music UK Ltd (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of director's remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit; or
• | the director was not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Independent Auditor's Report to the Member of
Marshall Music UK Ltd (continued)

The extent to which the audit was considered capable of detecting irregularities including fraud

| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements;
• | we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with director and other management, and from our cumulative audit and commercial knowledge and experience of the company and the industry;
• | we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures in the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018;
• | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
| We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
| We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions.
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• | agreeing financial statement to disclosures underlying supporting documentation;
• | enquiring of management as to actual and potential litigation and claims; and
• | reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Independent Auditor's Report to the Member of
Marshall Music UK Ltd (continued)

| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

7 January 2026

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Statement of Income and Retained Earnings
for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Revenue | 3 | 8,351,542 | 8,096,200
Cost of sales |  | (4,724,997) | (5,347,164)
Gross profit |  | 3,626,545 | 2,749,036
Distribution costs |  | (3,238,489) | (2,349,564)
Administrative expenses |  | (146,663) | (125,657)
Operating profit | 4 | 241,393 | 273,815
Other interest receivable and similar income | 5 | 32,058 | 25,566
Interest payable and similar charges |  | (7,254) | (1,231)
|  | 24,804 | 24,335
Profit before tax |  | 266,197 | 298,150
Taxation | 9 | (69,795) | (71,495)
Profit for the financial year |  | 196,402 | 226,655
Retained earnings brought forward |  | 726,335 | 499,680
Retained earnings carried forward |  | 922,737 | 726,335

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

(Registration number: 12264438)
Statement of Financial Position as at 31 December 2024

| Note | 2024 £ | 2023 £
Current assets |  |  |
Receivables | 10 | 3,288,410 | 3,708,058
Cash at bank and in hand | 11 | 1,515,777 | 1,102,292
|  | 4,804,187 | 4,810,350
Payables: Amounts falling due within one year | 12 | (3,881,449) | (4,084,014)
Net assets |  | 922,738 | 726,336
Equity |  |  |
Called up share capital | 13 | 1 | 1
Retained earnings | 13 | 922,737 | 726,335
Total equity |  | 922,738 | 726,336

The financial statements of Marshall Music UK Ltd were approved and authorised for issue by the director on 7 January 2026

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

M J Axhamre
Director

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

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

1 | General information

Marshall Music UK Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

The company was formerly known as Zound Industries UK Ltd.

2 | Accounting policies

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.

Going concern

The director has considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and has also reviewed the ongoing committed financial support from the company's parent undertaking and is confident that this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company’s financial statements.
Zound Industries UK Limited is reliant on the support of Marshall Group AB (formerly Zound Industries International AB) as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements.The company is consolidated in the financial statements of its parent, Marshall Group AB (formerly Zound Industries International AB), which may be obtained from Centralplan 15, Stockholm, SE11120, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the director in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents the value of consideration receivable for the sale of goods, net of value added tax. Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the company. Other operating income is recognised in the period to which it relates to.

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 Sterling 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 rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank current account balances and are subject to insignificant risk of change in value.

Receivables

Receivables 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 receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables 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.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3 | Revenue

In the opinion of the directors, the company's revenue, profit before taxation and net assets are attributable to the company's one principal business in the United Kingdom only and not attributable to classes of business or geographical segments which differ substantially from each other. Consequently, no segmental information has been presented.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

3 | Revenue (continued)

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Sales of goods | 8,351,542 | 8,096,200

4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Foreign exchange losses | 895 | -

5 | Interest receivable and similar income

| 2024 £ | 2023 £
Interest income on bank deposits | 32,058 | 25,566

6 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 1,287,122 | 1,166,570
Social security costs | 158,764 | 145,930
Pension costs, defined contribution scheme | 75,023 | 86,106
| 1,520,909 | 1,398,606

The average number of persons employed by the company during the period, analysed by category was as follows:

| 2024 No. | 2023 No.
Sales | 8 | 8

7 | Director's remuneration

No remuneration was paid to the director during the period. He was remunerated by other group undertakings.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

8 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 10,000 | 5,500
Other fees to auditors |  |
All other non-audit services | 2,850 | 2,425

9 | Taxation

Tax charged/(credited) in the statement of comprehensive income

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 69,889 | 71,495
UK corporation tax adjustment to prior periods | (94) | -
| 69,795 | 71,495

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).
The differences are reconciled below:

| 2024 £ | 2023 £
Profit before tax | 266,197 | 298,150
Corporation tax at standard rate | 66,549 | 70,127
Decrease in UK and foreign current tax from adjustment for prior periods | (94) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 2,053 | 1,368
Tax increase from changes in pension fund prepayment | 1,287 | -
Total tax charge | 69,795 | 71,495

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

10 | Receivables

| 2024 £ | 2023 £
Trade receivables | 3,242,842 | 3,684,160
Other receivables | 45,568 | 23,898
| 3,288,410 | 3,708,058

11 | Cash and cash equivalents

| 2024 £ | 2023 £
Cash at bank | 1,515,777 | 1,102,292

12 | Payables

| 2024 £ | 2023 £
Due within one year |  |
Trade payables | 159,334 | 381,307
Amounts owed to parent undertaking | 685,623 | 1,600,394
Corporation tax | 69,889 | 71,591
Social security and other taxes | 697,226 | 113,884
Outstanding defined contribution pension costs | 11,824 | 10,522
Accrued expenses | 2,257,553 | 1,906,316
| 3,881,449 | 4,084,014

The amount owed to the parent undertaking is unsecured, payable on demand and is non-interest bearing.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

13 | Share capital and reserves

Allotted, called up and fully paid shares

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

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

14 | Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £75,023 (2023 - £86,106). Contributions totalling £11,824 (2023 - £10,522) were payable to the scheme at the end of the year and are included in payables.

15 | Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33.1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.

Marshall Music UK Ltd
(formerly Zound Industries UK Ltd)

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

16 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Marshall Group AB (formerly Zound Industries International AB) , incorporated in Sweden.
The most senior parent entity producing publicly available financial statements is Marshall Group AB (formerly Zound Industries International AB) . These financial statements are available upon request from Centralplan 15, Stockholm, SE11120, Sweden
The ultimate controlling party is Marshall Group AB (formerly Zound Industries International AB) .

17 | Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.