Registered number
10691591
Marshall Wolfe Limited
Filleted Accounts
31 May 2023
Marshall Wolfe Limited
Notes to the Accounts
for the year ended 31 May 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 (as applied to small entities by section 1A of the standard).
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years straight line
Website over 3 years straight line
Office furniture over 3 years straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 6
3 Tangible fixed assets
Computer equipment Office furniture Website Total
£ £ £ £
Cost
At 1 June 2022 2,950 15,384 3,200 21,534
At 31 May 2023 2,950 15,384 3,200 21,534
Depreciation
At 1 June 2022 2,007 7,484 3,201 12,692
Charge for the year 401 1,872 - 2,273
At 31 May 2023 2,408 9,356 3,201 14,965
Net book value
At 31 May 2023 542 6,028 (1) 6,569
At 31 May 2022 943 7,900 (1) 8,842
4 Debtors 2023 2022
£ £
Trade debtors 906,204 626,193
Other debtors work in progress - 90,798
Other debtors 75,795 175,420
981,999 892,411
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank finance 103,880 123,880
Trade creditors 178,658 212,673
Taxation and social security costs 52,671 86,101
Other creditors 715 1,394
335,924 424,048
6 Controlling party
The company is a wholly owned subsidiary of Future3 Ltd
7 Other information
Marshall Wolfe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ross Building
Adastral Park, Martlesham Heath
Ipswich
Suffolk
IP5 3RE
Marshall Wolfe Limited
Registered number: 10691591
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,569 8,842
Current assets
Debtors 4 981,999 892,411
Cash at bank and in hand 17,021 79,253
999,020 971,664
Creditors: amounts falling due within one year 5 (335,924) (424,048)
Net current assets 663,096 547,616
Net assets 669,665 556,458
Capital and reserves
Called up share capital 122 122
Profit and loss account 669,543 556,336
Shareholders' funds 669,665 556,458
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.
Ms A Hunt
Director
Approved by the board on 9 November 2023
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