Caseware UK (AP4) 2022.0.179 2022.0.179 true2022-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false22false 00225064 2022-01-01 2022-12-31 00225064 2021-01-01 2021-12-31 00225064 2022-12-31 00225064 2021-12-31 00225064 c:Director3 2022-01-01 2022-12-31 00225064 d:Buildings 2022-12-31 00225064 d:Buildings 2021-12-31 00225064 d:CurrentFinancialInstruments 2022-12-31 00225064 d:CurrentFinancialInstruments 2021-12-31 00225064 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00225064 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00225064 d:ShareCapital 2022-12-31 00225064 d:ShareCapital 2021-12-31 00225064 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 00225064 d:CapitalRedemptionReserve 2022-12-31 00225064 d:CapitalRedemptionReserve 2021-12-31 00225064 d:RevaluationReserve 2022-01-01 2022-12-31 00225064 d:RevaluationReserve 2022-12-31 00225064 d:RevaluationReserve 2021-12-31 00225064 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00225064 d:RetainedEarningsAccumulatedLosses 2022-12-31 00225064 d:RetainedEarningsAccumulatedLosses 2021-12-31 00225064 c:FRS102 2022-01-01 2022-12-31 00225064 c:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 00225064 c:FullAccounts 2022-01-01 2022-12-31 00225064 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00225064 2 2022-01-01 2022-12-31 00225064 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 00225064










The Marie Antoinette Company Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2022





 
The Marie Antoinette Company Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of The Marie Antoinette Company Limited for the year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Marie Antoinette Company Limited for the year ended 31 December 2022 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Marie Antoinette Company Limited, as a body, in accordance with the terms of our engagement letter dated 18 June 2021Our work has been undertaken solely to prepare for your approval the financial statements of The Marie Antoinette Company Limited  and state those matters that we have agreed to state to the Board of directors of The Marie Antoinette Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Marie Antoinette Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Marie Antoinette Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Marie Antoinette Company Limited. You consider that The Marie Antoinette Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Marie Antoinette Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
29 September 2023
Page 1

 
The Marie Antoinette Company Limited
Registered number: 00225064

Balance sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
850,000
850,000

Investments
 5 
19,329
19,329

  
869,329
869,329

Current assets
  

Debtors: amounts falling due within one year
 6 
759,935
463,886

Cash at bank and in hand
  
23,697
320,074

  
783,632
783,960

Creditors: amounts falling due within one year
 7 
(12,340)
(12,315)

Net current assets
  
 
 
771,292
 
 
771,645

Total assets less current liabilities
  
1,640,621
1,640,974

Provisions for liabilities
  

Deferred tax
  
(107,038)
(107,038)

  
 
 
(107,038)
 
 
(107,038)

Net assets
  
1,533,583
1,533,936


Capital and reserves
  

Called up share capital 
  
255,254
255,254

Revaluation reserve
 8 
651,148
651,148

Capital redemption reserve
 8 
36,746
36,746

Profit and loss account
 8 
590,435
590,788

  
1,533,583
1,533,936


Page 2

 
The Marie Antoinette Company Limited
Registered number: 00225064

Balance sheet (continued)
As at 31 December 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.



Mr K W Pearson
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Marie Antoinette Limited is a private company limited by shares which was incorporated in England and Wales. The company's registered office is Tyler Way, Swalecliff, Whitstable, Kent. CT5 2RT.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The impact of the COVID-19 virus has been assessed by the directors so far as reasonable possible. COVID related restrictions are beginning to ease and the economy is slowly returning to a more normal state. In addition, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operation for the foreseeable future. For this reason, the accounts have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.6

Tangible fixed assets

The company has taken advantage of the provisions of FRS102 to revalue land and buildings to their fair value at the date of transition to the new accounting standard, 1 January 2015. A policy of continual revaluation has not been adopted by the company. See note 4 for further details.
The directors have determined that the residual value of the land and property will not be significantly lower than the deemed cost included within the accounts. Accordingly, no depreciation has been calculated on the basis that it will be immaterial.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 6

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 7

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Tangible fixed assets





Freehold property

£



Cost 


At 1 January 2022
850,000



At 31 December 2022

850,000






Net book value



At 31 December 2022
850,000



At 31 December 2021
850,000

At 31 December 2021 the valuation of land and buildings totaling £850,000 comprises an historic cost element of £220,367 and a revaluation element of £629,633.
A valuation of the land and buildings was performed on 31 December 2016 by the directors on a market value basis in the sum of £850,000. To arrive at this valuation land and buildings were valued at the date of transition to FRS102, 1 January 2015, at £850,000 and no depreciation has been charged on these assets.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:



Net book value


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
19,329



At 31 December 2022
19,329




Page 8

 
The Marie Antoinette Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
758,998
463,886

Other debtors
937
-

759,935
463,886



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
550
525

Amounts owed to group undertakings
11,790
11,790

12,340
12,315



8.


Reserves

Revaluation reserve

The revaluation reserve relates to the uplift in the valuation of freehold property on transition to FRS102, less the associated deferred tax provision.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


Page 9