Company registration number 09586512 (England and Wales)
MARYLOVE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
MARYLOVE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MARYLOVE LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
4,400,000
4,400,000
Current assets
Debtors
4
2,828
1,089
Cash at bank and in hand
92,451
98,161
95,279
99,250
Creditors: amounts falling due within one year
5
(209,888)
(756,738)
Net current liabilities
(114,609)
(657,488)
Total assets less current liabilities
4,285,391
3,742,512
Creditors: amounts falling due after more than one year
6
(2,841,537)
(2,384,386)
Provisions for liabilities
(330,836)
(330,661)
Net assets
1,113,018
1,027,465
Capital and reserves
Called up share capital
100
100
Revaluation reserve
985,109
985,109
Profit and loss reserves
127,809
42,256
Total equity
1,113,018
1,027,465

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 31 May 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.

MARYLOVE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 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:
R J Farah
R M Farah
Director
Director
Company Registration No. 09586512
MARYLOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Marylove Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

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 to include investment properties at fair value.

1.2
Going concern

At the balance sheet date the company has net current liabilities. This is due to a large balance being owed to the directors. This balance will not be repaid until the company is in a position to make repayment. As such the accounts have been prepared on a 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.

It is the company's policy to maintain its freehold land and buildings so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The directors are of the opinion that any depreciation in respect of the company's freehold land and buildings would be immaterial and consequently no provision is made in the accounts for such depreciation.

MARYLOVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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.

2
Employees

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

2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
4,400,000

Investment property has been revalued by the directors at open market value at the balance sheet date.

MARYLOVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Investment property
(Continued)
- 5 -
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
3,085,063
3,085,063
Accumulated depreciation
-
-
Carrying amount
3,085,063
3,085,063
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,828
1,089
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,410
43,410
Taxation and social security
20,989
6,137
Other creditors
145,489
707,191
209,888
756,738

Bank loans referred to above are secured via a fixed and floating charge. The balance above includes a bounce back loan of £10,000 (2022: £10,000) which is unsecured.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,341,537
2,384,386
Other creditors
500,000
-
0
2,841,537
2,384,386

Bank loans referred to above are secured via a fixed and floating charge. The balance above includes a bounce back loan of £27,500 (2022: £37,500) which is unsecured.

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