WELL-KNOWN DUBLIN music business Waltons has reported a pretax loss of €90,394 for the year to the end of March 2011.

The pretax loss for the previous year was €76,600.

The business, which includes the wholesaling, retailing and manufacturing of musical instruments and books, as well as the operation of a music school, had a gross profit of €2.69 million, down from €3.46 million the previous year.

In their report accompanying the latest accounts of Waltons Music Ltd, the directors said turnover fell during the year, and while management made a great effort to reduce administration costs, there was a slight decrease in the profit margin.

The accounts show that administration costs were €3 million, down from €3.49 million the previous year.

The company had shareholders’ funds of €2.13 million at year’s end. An interim dividend of €32,000 was paid during the year but no final dividend.

Waltons was founded in the 1920s and has two shops in Dublin – on South Great George’s Street and North Frederick Street. Waltons Music Ltd is in turn owned by St Michael’s Investment Company Ltd, which is controlled by Patrick Anthony Walton (86).

Waltons Music had an average of 78 employees during the year, up from 72 the previous year. Despite the increase in employee numbers, employee costs were €2 million, down from €2.36 million the previous year.

There were six directors during the year. Directors’ remuneration was €244,666, down from €337,836 the previous year.