Company registration number 01504179 (England and Wales)
MARSHALVANE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
MARSHALVANE LIMITED
COMPANY INFORMATION
Directors
Mr R Haigh
Mr P H Lilley
Mr D Thompson
Mrs E A Wilson
Mr I Rockliff
Mr P S Parkin
Mr R Coward
Mr B N R Bartle
Mr C W Clubley
Mr P Bartle
Mrs V Ellerington
Mr M R Webster
(Appointed 27 June 2022)
Mr J Spetch
(Appointed 27 June 2022)
Mr M Crapper
(Appointed 27 June 2022)
Secretary
Mr P Bartle
Company number
01504179
Registered office
Bawtry Road
Selby
YO8 8NB
Auditor
JWPCreers LLP
Genesis 5
Church Lane
Heslington
York
YO10 5DQ
MARSHALVANE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9
Notes to the financial statements
10 - 17
MARSHALVANE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company and group continued to be that of livestock and store market.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Haigh
Mr A Hayton
(Resigned 1 March 2022)
Mr P H Lilley
Mr D Thompson
Mrs E A Wilson
Mr I Rockliff
Mr P S Parkin
Mr R Coward
Mr B N R Bartle
Mr C W Clubley
Mr P Bartle
Mrs V Ellerington
Mr M R Webster
(Appointed 27 June 2022)
Mr J Spetch
(Appointed 27 June 2022)
Mr M Crapper
(Appointed 27 June 2022)
Results and dividends

Ordinary dividends were paid amounting to £77,679.

Directors' interests

The directors' interests in the shares of the company were as stated below:

Ordinary shares of £1 each

31 December 2022     31 December 2021

Mr R Haigh     500     500

Mr P H Lilley     1,000     1,000

Mr D Thompson     150     150

Mrs E A Wilson     3,100      3,100

Mr I Rockliff     3,000     2,000

Mr P S Parkin     500     500

Mr R Coward     1,000     1,000

Mr B N R Bartle     12,000     12,000

Mr C W Clubley     1,000     1,000

Mr P Bartle     12,000     12,000

Mrs V Ellerington     1,000     1,000

Mr M Webster                                 100 -    

Mr M Crapper 300 -

Mr J Spetch     - -

Auditor

The auditor, JWPCreers LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

MARSHALVANE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
By order of the board
Mr P Bartle
Mr R Haigh
Secretary
Director
Mr R Coward
Director
24 April 2023
MARSHALVANE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MARSHALVANE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARSHALVANE LIMITED
- 4 -
Opinion

We have audited the financial statements of Marshalvane Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2022 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

MARSHALVANE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSHALVANE LIMITED
- 5 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach was as follows:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MARSHALVANE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARSHALVANE LIMITED
- 6 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nigel Clemit ACA FCCA (Senior Statutory Auditor)
For and on behalf of JWPCreers LLP
16 May 2023
Chartered Accountants
Statutory Auditor
Genesis 5
Church Lane
Heslington
York
YO10 5DQ
MARSHALVANE LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
2022
2021
Notes
£
£
Turnover
746,203
720,820
Cost of sales
(84,344)
(59,638)
Gross profit
661,859
661,182
Administrative expenses
(596,684)
(564,883)
Other operating income
80,564
73,012
Operating profit
145,739
169,311
Interest receivable and similar income
2,263
736
Profit before taxation
148,002
170,047
Tax on profit
15,123
(84,027)
Profit for the financial year
163,125
86,020
Retained earnings brought forward
1,510,116
1,424,096
Dividends
(77,679)
-
Retained earnings carried forward
1,595,562
1,510,116
Profit for the financial year is all attributable to the owners of the parent company.
MARSHALVANE LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
(54,010)
(54,010)
Tangible assets
5
1,627,462
1,553,574
Investments
6
204
185
1,573,656
1,499,749
Current assets
Stocks
1,614
974
Debtors
8
580,416
489,277
Cash at bank and in hand
924,796
1,075,502
1,506,826
1,565,753
Creditors: amounts falling due within one year
9
(104,625)
(140,793)
Net current assets
1,402,201
1,424,960
Total assets less current liabilities
2,975,857
2,924,709
Provisions for liabilities
(175,904)
(210,202)
Net assets
2,799,953
2,714,507
Capital and reserves
Called up share capital
10
123,300
123,300
Share premium account
31,700
31,700
Revaluation reserve
1,049,391
1,049,391
Profit and loss reserves
1,595,562
1,510,116
Total equity
2,799,953
2,714,507

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 April 2023 and are signed on its behalf by:
Mr R Haigh
Mr R Coward
Director
Director
Company registration number 01504179 (England and Wales)
MARSHALVANE LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,584,453
1,491,080
Investments
6
134,051
134,051
1,718,504
1,625,131
Current assets
Debtors
8
134,373
161,825
Cash at bank and in hand
2,499
2,010
136,872
163,835
Creditors: amounts falling due within one year
9
(4,191)
(5,759)
Net current assets
132,681
158,076
Total assets less current liabilities
1,851,185
1,783,207
Provisions for liabilities
(165,856)
(197,549)
Net assets
1,685,329
1,585,658
Capital and reserves
Called up share capital
10
123,300
123,300
Share premium account
31,700
31,700
Revaluation reserve
1,289,982
1,289,982
Profit and loss reserves
240,347
140,676
Total equity
1,685,329
1,585,658

As permitted by S408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £177,350 (2021 - £44,234 loss).

These financial statements have been prepared 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 24 April 2023 and are signed on its behalf by:
Mr R Haigh
Mr R Coward
Director
Director
Company registration number 01504179 (England and Wales)
MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
1
Accounting policies
Company information

Marshalvane Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Selby Livestock Auction Mart, Bawtry Road, Selby, YO8 8NB.

 

The group consists of Marshalvane Limited and its subsidiary.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the statement of comprehensive income after or up to the date that control passes respectively. As a consolidated statement of comprehensive income is published, a separate statement of comprehensive income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

1.2
Turnover

The company's turnover at fair value represents the value, excluding Value Added Tax, of commissions charged at variable rates depending on the units of livestock sold, due on the market day.

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:

Freehold land
Freehold land not depreciated.
Freehold buildings
4% per annum straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
Tenants improvements
25 years straight line

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 recognised in the income statement.

MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.4
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment.

 

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are measured at fair value.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction.

 

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
1.10
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Other operating income

Included in other operating income is £Nil (2021 - £5,944) grant income receivable through the HMRC Coronavirus Job Retention Scheme, £35,102 (2021 - £21,000) rent receivable, £39,429 (2021 - £34,895) wagon wash income, £5,634 (2021 - £5,946) solar panel income and £800 (2021 - £5,002) sundry income..

MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
4
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
(54,010)
Amortisation
At 1 January 2022 and 31 December 2022
-
Carrying amount
At 31 December 2022
(54,010)
At 31 December 2021
(54,010)
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.

Total goodwill written off to the consolidated statement of income and retained earnings in respect of existing subsidiaries is £Nil.

 

The negative goodwill arising on consolidation of £54,010 arose as a result of the holding company acquiring the assets of the subsidiary at fair value.

MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
5
Tangible fixed assets
Group
Freehold land
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Tenants improvements
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2022
1,500,000
157,153
29,702
30,753
24,300
55,180
1,797,088
Additions
46,589
25,000
-
-
34,740
-
106,329
Disposals
-
-
-
-
(22,500)
-
(22,500)
Transfers
35,315
-
-
-
-
(55,180)
(19,865)
At 31 December 2022
1,581,904
182,153
29,702
30,753
36,540
-
1,861,052
Depreciation
At 1 January 2022
8,920
142,762
24,193
30,641
17,134
19,864
243,514
Depreciation charged in the year
8,531
7,161
820
112
8,697
-
25,321
Eliminated in respect of disposals
-
-
-
-
(15,381)
-
(15,381)
Transfers
-
-
-
-
-
(19,864)
(19,864)
At 31 December 2022
17,451
149,923
25,013
30,753
10,450
-
233,590
Carrying amount
At 31 December 2022
1,564,453
32,230
4,689
-
26,090
-
1,627,462
At 31 December 2021
1,491,080
14,391
5,509
112
7,166
35,316
1,553,574
MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
Company
Freehold land
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 January 2022
1,500,000
-
1,500,000
Additions
46,589
25,000
71,589
Transfers
35,315
-
35,315
At 31 December 2022
1,581,904
25,000
1,606,904
Depreciation
At 1 January 2022
8,920
-
8,920
Depreciation charged in the year
8,531
5,000
13,531
At 31 December 2022
17,451
5,000
22,451
Carrying amount
At 31 December 2022
1,564,453
20,000
1,584,453
At 31 December 2021
1,491,080
-
1,491,080

Land and buildings with a carrying amount of £450,937 were revalued at 31st December 2019 by Phillip J Bartle, FRICS, FAAV of Bartle & Son Chartered Surveyors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Group
Company
2022
2021
2022
2021
£
£
£
£
Cost
572,442
-
572,442
572,442
Accumulated depreciation
(23,086)
(23,086)
(23,086)
(23,086)
Carrying value
549,356
(23,086)
549,356
549,356
6
Fixed asset investments
Group
Company
2022
2021
2022
2021
£
£
£
£
204
185
134,051
134,051

The subsidiary company has an investment of £1,000 in the shares of Farmstock.net. After considering the position, the directors consider the previously made provision of £999 to be correct, leaving a book value of £1. The subsidiary company has an investment in BATA Group of £204. The subsidiary company received a bonus of £14 and interest of £5 for the trading during the year.

MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Fixed asset investments
(Continued)
- 16 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2022
185
Additions
19
At 31 December 2022
204
Carrying amount
At 31 December 2022
204
At 31 December 2021
185
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
134,051
Carrying amount
At 31 December 2022
134,051
At 31 December 2021
134,051
7
Subsidiaries

Details of the company's subsidiary at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Selby Livestock Auction Mart Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Selby Livestock Auction Mart Limited
1,292,345
153,287
MARSHALVANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
8
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
560,952
473,780
-
-
0
Amounts owed by group
-
-
134,373
161,825
Other debtors
19,464
15,497
-
-
580,416
489,277
134,373
161,825
9
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Corporation tax payable
19,174
35,059
-
1,820
Other taxation and social security
27,126
18,038
-
-
Other creditors
58,325
87,696
4,191
3,939
104,625
140,793
4,191
5,759

The bank overdraft was secured by a legal first charge over 6 acres of land & buildings known as Selby Livestock Auction Mart, Bawtry Road, Selby which is owned by Marshalvane Limited, the holding company, and an open letter of set off between all the bank accounts and a debenture over the assets of the company.

10
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
123,300
123,300
123,300
123,300
11
Related party transactions

The company has an unsecured loan, repayable on demand to Selby Livestock Auction Mart Limited, its subsidiary. At the year end the balance included in the company's debtors is £169,688 (2021: £161,825). During the year the company received interest of £9,682 (2021 - £9,231) on the loan. Interest is charged at 6.0% (2021: 6%) to reflect the commercial risk.

 

There were no transactions, or balances arising with directors and their related companies that did not occur under normal market conditions.

12
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2022
2021
2022
2021
£
£
£
£
Acquisition of tangible fixed assets
-
71,480
-
-
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