KORG (UK) LIMITED

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

1. KORG (UK) LIMITED 1994-04-26 → present
2. KORG HOLDINGS LIMITED 1992-04-21 → 1994-04-26
3. R M HOLDINGS LIMITED 1989-03-28 → 1992-04-21
4. SEVENGLADE LIMITED 1989-03-06 → 1989-03-28

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

MHA Audit Services LLP

Audit opinion

Qualified

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis. The Company is reliant upon the continued support of Korg Inc. ... Korg Inc. have signed a Parent Guarantee agreement which confirm they have a legal obligation towards the Company to ensure that the Company is and will remain financially equipped in such a way that it will be able to pay all its (due) liabilities to its creditors in due time at all times.”

Significant events

• “The most significant impact on the performance of Korg UK in comparison to previous years was the loss of Vic Firth Drumsticks distribution which negatively affected product contribution.”
• “a realistic commercial view was taken on the valuation of some areas of non-good stock leading to a significant stock write off.”
• “this has resulted in the company generating the largest loss in its history.”
• “In August 2022 we were made aware of a class action that has been raised against the five manufacturers, including Korg, following a CMA investigation.”
• “The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -9.4%

  £11,253,218 → £10,200,980

• Cash

  -88.5%

  £369,942 → £42,508

• Net assets

  -12%

  £6,641,138 → £5,846,154

• Employees

  -6.3%

  32 → 30

• Operating profit

  -6,069.5%

  £14,553 → -£868,744

• Profit before tax

  -5,726%

  £15,536 → -£874,060

• Wages

  +1.8%

  £1,436,671 → £1,462,397

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers