Company Registration No. 13202508 (England and Wales)
MARYWHARF LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
MARYWHARF LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MARYWHARF LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,000,000
860,000
Current assets
Cash at bank and in hand
20,870
6,756
Creditors: amounts falling due within one year
4
(91,151)
(72,625)
Net current liabilities
(70,281)
(65,869)
Total assets less current liabilities
929,719
794,131
Creditors: amounts falling due after more than one year
5
(700,000)
(700,000)
Provisions for liabilities
(49,939)
(12,505)
Net assets
179,780
81,626
Capital and reserves
Called up share capital
6
1,000
1,000
Revaluation reserve
149,817
53,310
Profit and loss reserves
28,963
27,316
Total equity
179,780
81,626

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 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.

MARYWHARF LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr R J Farah
Mrs R M Farah
Director
Director
Company Registration No. 13202508
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Marywharf Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 St. Stephen Martyr, 2 St. Stephen's Road, Bournemouth, BH2 6LB.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value.

1.2
Going concern

At the balance sheet date the company has net current liabilities of £70,281. However £65,543 of this is due to the directors. The directors will not seek repayment of this loan until the company is in a position to do so. As such the directors believe that the company will be able to meet its liabilities as they fall due. Accordingly the accounts have been prepared using the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Investment properties

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.

1.5
Financial instruments
Classification of financial liabilities

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

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Investment property
2023
£
Fair value
At 1 March 2022
860,000
Additions
6,059
Revaluations
133,941
At 28 February 2023
1,000,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
800,244
794,185
Accumulated depreciation
-
-
Carrying amount
800,244
794,185
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
422
6,492
Other creditors
90,729
66,133
91,151
72,625
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
700,000
700,000
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
432
432
432
432
B Ordinary shares of £1 each
568
568
568
568
1,000
1,000
1,000
1,000
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