Registered number
13035194
Maryland Asset Management Ltd
Report and Financial Statements
30 November 2022
Maryland Asset Management Ltd
Registered number: 13035194
Director's Report
The director presents his report and financial statements for the year ended 30 November 2022.
Principal activities
The company's principal activity during the period was that of the buying and selling of properties.
Directors
The following persons served as directors during the period :
Mr M K Ali
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 6 October 2023 and signed on its behalf.
Mr M K Ali
Director
Maryland Asset Management Ltd
Profit and Loss Account
for the year ended 30 November 2022
2022 2021
£ £
Turnover 1,642,538 1,229,155
Cost of sales (1,102,170) (845,634)
Gross profit 540,368 383,521
Administrative expenses (404,475) (296,480)
Operating profit 135,893 87,041
Interest receivable 18 14
Interest payable (213) (527)
Profit on ordinary activities before taxation 135,698 86,528
Tax on profit on ordinary activities 360 (2,681)
Profit for the financial period 136,058 83,847
Maryland Asset Management Ltd
Registered number: 13035194
Balance Sheet
as at 30 November 2022
Notes 2022 2022
£ £ £ £
Fixed assets
Tangible assets 3 210,010 72,418
Current assets
Debtors 4 156,361 132,632
Cash at bank and in hand 352,461 274,891
508,822 407,523
Creditors: amounts falling due within one year 5 (225,963) (224,785)
Net current assets 282,859 182,738
Total assets less current liabilities 492,869 255,156
Creditors: amounts falling due after more than one year 6 (272,963) (171,308)
Net assets 219,906 83,848
Capital and reserves
Called up share capital 1 1
Profit and loss account 219,905 83,847
Shareholder's funds 219,906 83,848
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M K Ali
Director
Approved by the board on 6 October 2023
Maryland Asset Management Ltd
Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 10 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2021 85,198
Additions 174,653
At 30 November 2022 259,851
Depreciation
At 1 December 2021 12,780
Charge for the year 37,061
At 30 November 2022 49,841
Net book value
At 30 November 2022 210,010
At 30 November 2021 72,418
4 Debtors 2022 2021
£ £
Trade debtors 152,108 125,711
Other debtors 4,253 6,921
156,361 132,632
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 198,427 206,393
Corporation tax 2,275 2,681
Other taxes and social security costs 16,610 7,542
Other creditors 8,651 8,169
225,963 224,785
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 272,963 171,308
7 Other information
Maryland Asset Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor College House
17 King Edwards Road
Ruislip
Greater London
HA4 7AE
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