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REGISTERED NUMBER: 03257199 (England and Wales)















MARTINA LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021






MARTINA LIMITED (REGISTERED NUMBER: 03257199)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MARTINA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: I Howsam





REGISTERED OFFICE: Broadway
Hyde
Greater Manchester
SK14 4QF





REGISTERED NUMBER: 03257199 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 82,917 89,313
82,917 89,313

CURRENT ASSETS
Inventories 2,386 30,772
Debtors 6 249,673 228,263
Cash at bank and in hand 294,742 264,037
546,801 523,072
CREDITORS
Amounts falling due within one year 7 (179,237 ) (155,251 )
NET CURRENT ASSETS 367,564 367,821
TOTAL ASSETS LESS CURRENT
LIABILITIES

450,481

457,134

CREDITORS
Amounts falling due after more than one
year

8

(211,303

)

(270,163

)

PROVISIONS FOR LIABILITIES (464 ) (978 )
NET ASSETS 238,714 185,993

CAPITAL AND RESERVES
Called up share capital 40 40
Capital redemption reserve 49,960 49,960
Retained earnings 188,714 135,993
238,714 185,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





I Howsam - Director


MARTINA LIMITED (REGISTERED NUMBER: 03257199)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Martina Limited is a private company, limited by shares, registered in England and Wales, registered number 03257199. The registered office address is Broadway, Hyde, Manchester, SK14 4QF.

2. ACCOUNTING POLICIES

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

Going concern
Following on from the global Covid-19 pandemic the director recognises that the future cannot be predicted with any certainty.

Despite difficult economic conditions the company has reported a profit for the year ended 31 December 2021 and continues to trade profitably post year end. The director is confident that sufficient resources are available to service all current financial obligations.

As a result of the above, the director is satisfied that the company remains a going concern and that the financial statements are correctly prepared on this basis.

Revenue
Revenue represents amounts receivable for the manufacture and sale of furniture prior to the statement of financial position date, net of VAT and trade discounts.

Revenue is recognised when the company has delivered products to the customer, the customer has accepted the products and collection of the related receivables is anticipated.

Intangible assets
Intangible fixed assets relate to development costs that have been previously capitalised and have been fully amortised.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 15% on reducing balance

The residual values, estimated lives and depreciation method of property, plant and equipment are reviewed and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Government grants
Grants of a revenue nature are credited to income in the period to which they relate. During the prior year the company benefitted from the Coronavirus Job Retention Scheme (''furlough''). Furlough income has been recognised as 'Other income' in the same period as the related wage costs.

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the income statement as incurred.

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Critical accounting estimates and judgements
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 94,974
AMORTISATION
At 1 January 2021
and 31 December 2021 94,974
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 88,860 158,304 36,880 61,993 346,037
Additions - 480 - 250 730
At 31 December 2021 88,860 158,784 36,880 62,243 346,767
DEPRECIATION
At 1 January 2021 27,578 143,124 30,117 55,905 256,724
Charge for year 1,777 2,289 1,691 1,369 7,126
At 31 December 2021 29,355 145,413 31,808 57,274 263,850
NET BOOK VALUE
At 31 December 2021 59,505 13,371 5,072 4,969 82,917
At 31 December 2020 61,282 15,180 6,763 6,088 89,313

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 211,513 211,959
Other debtors 38,160 16,304
249,673 228,263

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 66,082 29,838
Trade creditors 97,077 70,336
Taxation and social security 8,046 48,503
Other creditors 8,032 6,574
179,237 155,251

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 211,303 270,163

MARTINA LIMITED (REGISTERED NUMBER: 03257199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 24,071 31,750
Between one and five years - 2,471
24,071 34,221