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Registration number: 03051209

Marden Oak Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Marden Oak Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Marden Oak Limited

Company Information

Directors

Mrs C J Dunn

Miss L S Norris

Registered office

Marden Oak
PO Box 3196
Caterham
Surrey
CR3 4BZ

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Marden Oak Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marden Oak Limited for the year ended 31 March 2023 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Marden Oak Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Marden Oak Limited and state those matters that we have agreed to state to the Board of Directors of Marden Oak Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marden Oak Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Marden Oak Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Marden Oak Limited. You consider that Marden Oak Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Marden Oak 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 accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

4 October 2023

 

Marden Oak Limited

(Registration number: 03051209)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,372

3,019

Investment property

5

13,455,000

12,980,000

 

13,457,372

12,983,019

Current assets

 

Debtors

6

3,000

-

Cash at bank and in hand

 

69,781

99,820

 

72,781

99,820

Creditors: Amounts falling due within one year

7

(175,092)

(176,381)

Net current liabilities

 

(102,311)

(76,561)

Total assets less current liabilities

 

13,355,061

12,906,458

Creditors: Amounts falling due after more than one year

7

(2,353,361)

(2,504,845)

Provisions for liabilities

(1,642,986)

(1,553,313)

Net assets

 

9,358,714

8,848,300

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

8,651,587

7,689,593

Retained earnings

707,027

1,158,607

Shareholders' funds

 

9,358,714

8,848,300

 

Marden Oak Limited

(Registration number: 03051209)
Statement of Financial Position as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

Mrs C J Dunn
Director

   
     
 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marden Oak
PO Box 3196
Caterham
Surrey
CR3 4BZ

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 1A'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furiniture and fittings

20 % Reducing Balancing Method

Computer equipment

25 % Reducing Balancing Method

Ground rent

10% on Cost

Investment property

No depreciation is provided in respect of investment property. This treatment conflicts with the requirement of the Companies Act that all properties should be depreciated. The directors consider that, because this property is not held for consumption, but for investment potential it is necessary to adopt the requirement of the FRS 102 1(A) in order to give a true and fair view.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

21,212

48,984

4,656

74,852

At 31 March 2023

21,212

48,984

4,656

74,852

Depreciation

At 1 April 2022

21,212

46,816

3,805

71,833

Charge for the year

-

434

213

647

At 31 March 2023

21,212

47,250

4,018

72,480

Carrying amount

At 31 March 2023

-

1,734

638

2,372

At 31 March 2022

-

2,168

851

3,019

5

Investment properties

2023
£

At 1 April

13,904,314

Additions

2,392

Fair value adjustments

(451,706)

At 31 March

13,455,000

6

Debtors

Current

2023
£

2022
£

Other debtors

3,000

-

 

Marden Oak Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

131,484

125,796

Taxation and social security

 

40,128

33,116

Accruals and deferred income

 

2,700

2,580

Other creditors

 

780

14,889

 

175,092

176,381

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,353,361

2,504,845

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowing 2 - 5 years

582,838

571,741

Bank borrowing over 5 years

1,770,523

1,933,104

2,353,361

2,504,845

2023
£

2022
£

Current loans and borrowings

Bank borrowings

131,484

125,796