Company registration number 06177159 (England and Wales)
Maramar (Holdings) Limited
Unaudited financial statements
financial statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Maramar (Holdings) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Maramar (Holdings) Limited
Statement of financial position
as at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
210,009
311,337
Investment properties
4
26,777,080
27,459,226
Investments
5
356
211
26,987,445
27,770,774
Current assets
Debtors
6
1,944,315
1,217,568
Cash at bank and in hand
1,191,546
311,450
3,135,861
1,529,018
Creditors: amounts falling due within one year
7
(1,622,961)
(1,881,525)
Net current assets/(liabilities)
1,512,900
(352,507)
Total assets less current liabilities
28,500,345
27,418,267
Creditors: amounts falling due after more than one year
8
(14,047,302)
(13,738,930)
Provisions for liabilities
9
(1,086,487)
(1,078,955)
Net assets
13,366,556
12,600,382
Capital and reserves
Called up share capital
712
712
Share premium account
866,440
866,440
Revaluation reserve
5,793,997
5,985,887
Profit and loss reserves
6,705,407
5,747,343
Total equity
13,366,556
12,600,382
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
Maramar (Holdings) Limited
Statement of financial position (continued)
as at 31 March 2023
- 2 -
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
M B Buckley
Director
Company Registration No. 06177159
Maramar (Holdings) Limited
Notes to the financial statements
for the year ended 31 March 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Turnover
Turnover represents amounts derived from the provision of rent and services falling within the company's activities after deduction of value added tax where applicable. Turnover is recognised on an accruals basis.
Tangible fixed assets
Tangible fixed assets are initially measured at cost net of depreciation charge.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% straight line
Fixtures, fittings & equipment
15% straight line
Motor vehicles
25% straight line
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Maramar (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 22 (2022 - 19).
2023
2022
Number
Number
Total
22
19
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
956,163
53,930
1,010,093
Additions
11,500
23,483
34,983
Disposals
(13,215)
(13,215)
Transfers
12,100
12,100
At 31 March 2023
23,600
956,163
64,198
1,043,961
Depreciation and impairment
At 1 April 2022
646,420
52,336
698,756
Depreciation charged in the year
726
143,176
4,509
148,411
Eliminated in respect of disposals
(13,215)
(13,215)
At 31 March 2023
726
789,596
43,630
833,952
Carrying amount
At 31 March 2023
22,874
166,567
20,568
210,009
At 31 March 2022
309,743
1,594
311,337
Maramar (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 April 2022
27,459,224
Additions
1,159,032
Transfers
(12,100)
Disposals
(1,535,464)
Revaluations
(293,612)
At 31 March 2023
26,777,080
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
356
211
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
211
Additions
205
Disposals
(60)
At 31 March 2023
356
Carrying amount
At 31 March 2023
356
At 31 March 2022
211
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,066
106,650
Amounts owed by group undertakings
555,424
271,183
Other debtors
1,217,258
826,531
Prepayments and accrued income
56,567
13,204
1,944,315
1,217,568
Maramar (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
499,992
945,909
Obligations under finance leases
5,052
Trade creditors
313,359
127,216
Corporation tax
169,808
155,983
Other taxation and social security
56,981
58,016
Other creditors
530,004
539,980
Accruals and deferred income
47,765
54,421
1,622,961
1,881,525
The bank loans and obligations under finance leases are secured.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
11,180,530
10,049,795
Obligations under finance leases
18,475
Other creditors
2,848,297
3,689,135
14,047,302
13,738,930
The bank loans and obligations under finance leases are secured.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,086,487
1,078,955
10
Company information
Maramar (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Calderdale Business Park, Main Reception, Club Lane, Halifax, West Yorkshire, HX2 8DB.