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REGISTERED NUMBER: 02509141 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

MARGARIETS LIMITED

MARGARIETS LIMITED (REGISTERED NUMBER: 02509141)






Contents of the Financial Statements
for the year ended 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MARGARIETS LIMITED

Company Information
for the year ended 30 JUNE 2023







DIRECTORS: M.M. Michaelides
A Michaelides
A.A. Michaelides
J.M. O'Keefe





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 02509141 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

MARGARIETS LIMITED (REGISTERED NUMBER: 02509141)

Statement of Financial Position
30 JUNE 2023

30/6/23 30/6/22
Notes £    £   
FIXED ASSETS
Tangible assets 5 3,700,000 3,700,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,700,000

3,700,000

PROVISIONS FOR LIABILITIES 6 863,379 740,000
NET ASSETS 2,836,621 2,960,000

CAPITAL AND RESERVES
Called up share capital 7 70,000 70,000
Revaluation reserve 2,590,136 2,713,515
Retained earnings 176,485 176,485
SHAREHOLDERS' FUNDS 2,836,621 2,960,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





A Michaelides - Director


MARGARIETS LIMITED (REGISTERED NUMBER: 02509141)

Notes to the Financial Statements
for the year ended 30 JUNE 2023

1. STATUTORY INFORMATION

Margariets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Land and buildings held and used in the Company's own activities are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings are taken to the property revaluation reserve.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MARGARIETS LIMITED (REGISTERED NUMBER: 02509141)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 3,700,000
NET BOOK VALUE
At 30 June 2023 3,700,000
At 30 June 2022 3,700,000

Cost or valuation at 30 June 2023 is represented by:

Freehold
property
£   
Valuation in 2016 700,000
Valuation in 2013 2,691,868
Valuation in 2003 61,647
Cost 246,485
3,700,000

If had not been revalued would have been included at the following historical cost:

30/6/23 30/6/22
£    £   
Cost 246,485 246,485

The fair value of the properties at June 2023 has been arrived at on the basis of the above valuation after the year end date. The directors believe the market conditions of this valuation existed at the year end. Market evidence consists of transaction prices for similar hotel properties in the location and taking into account the rental yield in the area where the properties are situated.

6. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax 863,379 740,000

Deferred
tax
£   
Balance at 1 July 2022 740,000
Provided during year 123,379
Balance at 30 June 2023 863,379

MARGARIETS LIMITED (REGISTERED NUMBER: 02509141)

Notes to the Financial Statements - continued
for the year ended 30 JUNE 2023

6. PROVISIONS FOR LIABILITIES - continued

The deferred tax provision, as shown above, relates to the potential future tax due should the freehold properties held by the company be sold. The provision has been calculated based on the difference between the historic cost of the properties and the market value of those properties as at the Balance Sheet date at the future applicable corporation tax rates. The increase in the provision for the year reflects the change in corporation tax rates from 19% to 25%, as required by FRS 102 S1A.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
70,000 Ordinary £1 70,000 70,000