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COMPANY REGISTRATION NUMBER: 11342423
Marshend Investments Ltd
Filleted Unaudited Accounts
31 May 2023
Marshend Investments Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
33,000
33,000
Current assets
Cash at bank and in hand
2,728,654
2,252,607
Creditors: amounts falling due within one year
5
( 754,614)
( 889,904)
------------
------------
Net current assets
1,974,040
1,362,703
------------
------------
Total assets less current liabilities
2,007,040
1,395,703
Creditors: amounts falling due after more than one year
6
( 1,598,000)
( 990,000)
------------
------------
Net assets
409,040
405,703
------------
------------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
8
408,940
405,603
---------
---------
Shareholders funds
409,040
405,703
---------
---------
These accounts 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 comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Marshend Investments Ltd
Statement of Financial Position (continued)
31 May 2023
These accounts were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
L J Rankin
Director
Company registration number: 11342423
Marshend Investments Ltd
Notes to the Accounts
Year ended 31 May 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 C/O Serlian Ltd Gable House, 18-24 Turnham Green Terrace, London, W4 1QP, United Kingdom.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company is a going concern as it has the financial resources to be able to meet its trading obligations for the foreseeable future.
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 is earned in the form of rental income from a portfolio of investment properties and is recognisable on an accruals basis and in accordance with the underlying rental agreements.
Income tax
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.
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:
Fixtures and fittings
-
3 years straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Tangible assets
Freehold property
£
Cost
At 1 June 2022 and 31 May 2023
33,000
--------
Depreciation
At 1 June 2022 and 31 May 2023
--------
Carrying amount
At 31 May 2023
33,000
--------
At 31 May 2022
33,000
--------
In the year 2018-19, the company acquired a portfolio of investment property for rental yield and future capital growth. In the year 2019-20, the director considered the investment property market and decided to revalue the investment properties to an appropriate market value. In the year 2021-22, the revalued investment properties were disposed of, leaving a single parcel of land within the portfolio to be rented out.
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
644
93,404
Other creditors
753,970
796,500
---------
---------
754,614
889,904
---------
---------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,598,000
990,000
------------
---------
In the year 2021-22, the full mortgage debt was repaid upon disposal of the related investment property. The remaining third-party loan of £990,000 was subsequently increased to £1,598,000 with no interest being charged pending further investment decisions being made.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Director's advances, credits and guarantees
Throughout the period the director continued to provide the company with a short-term advance, free of interest. The sum repayable to the director at the balance sheet date was £750,807 (2022: £781,307). This amount is included within short term Other creditors.
10. Related party transactions
The company is under the control of the sole director and shareholder. There were no related party transactions or balances that required disclosure under FRS 102 Section 1A.