Margaret London Limited
Registered number: 06467364
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 312,940 95,589
Cash at bank and in hand 152,972 62,015
465,912 157,604
Creditors: amounts falling due within one year 4 (184,954) (83,730)
Net current assets 280,958 73,874
Net assets 280,958 73,874
Capital and reserves
Called up share capital 300 300
Profit and loss account 280,658 73,574
Shareholders' funds 280,958 73,874
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Katy Louis
Director
Approved by the board on 11 May 2023
Margaret London Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Debtors 2023 2022
£ £
Trade debtors 312,940 93,474
Other debtors - 2,115
312,940 95,589
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 47,921 46,813
Trade creditors 32,369 11,349
Corporation tax 57,345 9,608
Other taxes and social security costs 47,319 15,960
184,954 83,730
5 Other information
Margaret London Limited is a private company limited by shares and incorporated in England. Its registered office is:
76 Bachelor Gardens
Harrogate
North Yorkshire
HG1 3EA
Margaret London Limited 06467364 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Katy Louis No description of principal activity 06467364 2021-04-01 2022-03-31 06467364 core:WithinOneYear 2022-03-31 06467364 core:ShareCapital 2022-03-31 06467364 core:RetainedEarningsAccumulatedLosses 2022-03-31 06467364 2022-04-01 2023-03-31 06467364 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06467364 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06467364 bus:Director40 2022-04-01 2023-03-31 06467364 1 2022-04-01 2023-03-31 06467364 2 2022-04-01 2023-03-31 06467364 countries:England 2022-04-01 2023-03-31 06467364 bus:FRS102 2022-04-01 2023-03-31 06467364 bus:FullAccounts 2022-04-01 2023-03-31 06467364 2023-03-31 06467364 core:WithinOneYear 2023-03-31 06467364 core:ShareCapital 2023-03-31 06467364 core:RetainedEarningsAccumulatedLosses 2023-03-31 06467364 2022-03-31 iso4217:GBP xbrli:pure