Company registration number 06026990 (England and Wales)
MARSHALL DEVELOPMENTS (DERBY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MARSHALL DEVELOPMENTS (DERBY) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
MARSHALL DEVELOPMENTS (DERBY) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARSHALL DEVELOPMENTS (DERBY) LIMITED FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marshall Developments (Derby) Limited for the year ended 31 January 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Marshall Developments (Derby) 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 financial statements of Marshall Developments (Derby) Limited and state those matters that we have agreed to state to the board of directors of Marshall Developments (Derby) 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 Marshall Developments (Derby) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Marshall Developments (Derby) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marshall Developments (Derby) Limited. You consider that Marshall Developments (Derby) 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 financial statements of Marshall Developments (Derby) 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 financial statements.
Taylor Dawson Plumb Limited
27 October 2023
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
MARSHALL DEVELOPMENTS (DERBY) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
78,309
Investments
4
431,635
431,635
509,944
431,635
Current assets
Cash at bank and in hand
118
37
Creditors: amounts falling due within one year
5
(219,543)
(186,854)
Net current liabilities
(219,425)
(186,817)
Total assets less current liabilities
290,519
244,818
Creditors: amounts falling due after more than one year
6
(55,561)
Net assets
234,958
244,818
Capital and reserves
Called up share capital
7
50
50
Share premium account
210,180
210,180
Profit and loss reserves
24,728
34,588
Total equity
234,958
244,818
The notes on pages 4 to 6 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
MARSHALL DEVELOPMENTS (DERBY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 27 October 2023
I B Winfield
Director
Company registration number 06026990 (England and Wales)
MARSHALL DEVELOPMENTS (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
Marshall Developments (Derby) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marshall House, Heanor Gate Road, Heanor, Derbyshire, DE75 7RG.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied. Revenue is recognised upon delivery of the service.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries 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.
1.5
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 profit and loss account 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.
MARSHALL DEVELOPMENTS (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022
Additions
87,415
At 31 January 2023
87,415
Depreciation and impairment
At 1 February 2022
Depreciation charged in the year
9,106
At 31 January 2023
9,106
Carrying amount
At 31 January 2023
78,309
At 31 January 2022
Included within the net book value above is a motor vehicle held under a finance lease amounting to £78,309 (2022: £Nil).
MARSHALL DEVELOPMENTS (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
431,635
431,635
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
198,708
185,913
Taxation and social security
30
30
Other creditors
20,805
911
219,543
186,854
Included within other creditors above is a finance lease amounting to £19,894 (2022: £Nil) which is secured on the asset to which it relates.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
55,561
The obligations under a finance lease is secured on the asset to which it relates.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
500
500
50
50