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COMPANY REGISTRATION NUMBER: 4795533
Maron Systems Limited
Filleted Unaudited Financial Statements
9 June 2023
Maron Systems Limited
Financial Statements
Period from 1 July 2022 to 9 June 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Maron Systems Limited
Statement of Financial Position
9 June 2023
9 Jun 23
30 Jun 22
Note
£
£
Fixed assets
Tangible assets
6
5,984
7,829
Current assets
Debtors
7
2,731,780
2,045,694
Cash at bank and in hand
1,284,333
1,675,049
------------
------------
4,016,113
3,720,743
Creditors: amounts falling due within one year
8
( 800,238)
( 850,250)
------------
------------
Net current assets
3,215,875
2,870,493
------------
------------
Total assets less current liabilities
3,221,859
2,878,322
Provisions
Taxation including deferred tax
9
( 1,270)
( 1,281)
------------
------------
Net assets
3,220,589
2,877,041
------------
------------
Capital and reserves
Called up share capital
11
10,000
10,000
Capital redemption reserve
20,000
20,000
Profit and loss account
3,190,589
2,847,041
------------
------------
Shareholders funds
3,220,589
2,877,041
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 9 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maron Systems Limited
Statement of Financial Position (continued)
9 June 2023
These financial statements were approved by the board of directors and authorised for issue on 7 September 2023 , and are signed on behalf of the board by:
Mr G Czegledy
Director
Company registration number: 4795533
Maron Systems Limited
Notes to the Financial Statements
Period from 1 July 2022 to 9 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kestrel Way, Gorseinon, Swansea, SA4 9WN, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture & Fixtures
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 15 (2022: 15 ).
5. Tax on profit
Major components of tax expense
Period from
1 Jul 22 to
Year to
9 Jun 23
30 Jun 22
£
£
Current tax:
UK current tax expense
127,204
131,135
Deferred tax:
Origination and reversal of timing differences
( 11)
194
---------
---------
Tax on profit
127,193
131,329
---------
---------
6. Tangible assets
Furniture & Fixtures
Office Equipment
Total
£
£
£
Cost
At 1 July 2022 and 9 June 2023
54,568
12,657
67,225
--------
--------
--------
Depreciation
At 1 July 2022
51,886
7,510
59,396
Charge for the period
632
1,213
1,845
--------
--------
--------
At 9 June 2023
52,518
8,723
61,241
--------
--------
--------
Carrying amount
At 9 June 2023
2,050
3,934
5,984
--------
--------
--------
At 30 June 2022
2,682
5,147
7,829
--------
--------
--------
7. Debtors
9 Jun 23
30 Jun 22
£
£
Trade debtors
228,967
112,584
Amounts owed by group undertakings
2,440,106
1,900,407
Other debtors
62,707
32,703
------------
------------
2,731,780
2,045,694
------------
------------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
9 Jun 23
30 Jun 22
£
£
Trade creditors
396
114,375
Corporation tax
127,204
131,135
Social security and other taxes
24,287
18,915
Other creditors
648,351
585,825
---------
---------
800,238
850,250
---------
---------
9. Provisions
Deferred tax (note 10)
£
At 1 July 2022
1,281
Charge against provision
( 11)
-------
At 9 June 2023
1,270
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
9 Jun 23
30 Jun 22
£
£
Included in provisions (note 9)
1,270
1,281
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
9 Jun 23
30 Jun 22
£
£
Accelerated capital allowances
1,270
1,281
-------
-------
11. Called up share capital
Issued, called up and fully paid
9 Jun 23
30 Jun 22
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
Ordinary 'A' shares of £ 1 each
5,000
5,000
5,000
5,000
--------
--------
--------
--------
10,000
10,000
10,000
10,000
--------
--------
--------
--------
12. Related party transactions
During the period dividends of £143,000 (2022 - £558,000) were paid to Euanthes Holdings Limited.
13. Controlling party
The company is a 100% subsidiary of Euanthes Holdings Limited, a company registered in England and Wales. Group accounts are not prepared because the group is small and is not an ineligible group as defined in Section 384 of the Companies Act 2006.