Company registration number 3378896 (England and Wales)
MARONVALE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MARONVALE LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MARONVALE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 30 November 2022.
Principal activities
The company's principal activity continues to be property rental and investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr. Roger D. Biss
Mrs. Beverley Biss
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs. Beverley Biss
Director
20 November 2023
MARONVALE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,400,000
2,400,000
Current assets
Debtors
5
8,670
2,513
Cash at bank and in hand
98,663
54,072
107,333
56,585
Creditors: amounts falling due within one year
6
(259,476)
(258,879)
Net current liabilities
(152,143)
(202,294)
Total assets less current liabilities
2,247,857
2,197,706
Creditors: amounts falling due after more than one year
7
(416,824)
(464,866)
Provisions for liabilities
(87,700)
(87,700)
Net assets
1,743,333
1,645,140
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
982,213
982,213
Profit and loss reserves
761,119
662,926
Total equity
1,743,333
1,645,140
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARONVALE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mrs. Beverley Biss
Director
Company Registration No. 3378896
MARONVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Maronvale Limited is a private company limited by shares incorporated in England. The registered office is Beacon House, 113 Kingsway, London WC2B 6PP.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as the consideration received or receivable for the rental income for the financial year, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets other than investment property are measured at cost, net of depreciation and any impairment losses.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed only if the reasons for the impairment loss have ceased to apply.
1.5
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
MARONVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Equity instruments
Equity instruments issued by the company 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 company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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 profit and loss account 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 company’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.
1.8
Investment property
Investment properties are included in the balance sheet at their open market value. No depreciation is provided.
MARONVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).
2022
2021
Number
Number
Total
2
2
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2021 and 30 November 2022
2,400,000
Depreciation and impairment
At 1 December 2021 and 30 November 2022
Carrying amount
At 30 November 2022
2,400,000
At 30 November 2021
2,400,000
Fixed assets comprise two investment properties, purchased for the combined cost of £1.33m. The properties were professionally valued in 2016 at £2.4m.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
(280)
Other debtors
8,670
2,793
8,670
2,513
MARONVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
48,780
46,069
Trade creditors
12,960
6,360
Corporation tax
30,039
29,047
Other taxation and social security
6,400
5,075
Other creditors
161,297
172,328
259,476
258,879
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
416,824
464,866
The company has a loan from Lloyds Bank of £353,038 (2021: £386,981) secured on an investment property and repayable by 2030 in monthly instalments.
The company has a further loan from Lloyds Bank of £112,565 (2021: £123,953) secured on an investment property and repayable by 2030 in monthly instalments.
Of the loans repayable after more than one year, £205,808 (2021: £260,775) is repayable within two to five years.
8
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
982,213
982,213
9
Directors' transactions
The company is controlled by its directors, Mr R D and Mrs B M Biss, who received dividends of £30,000 (2021: £30,000) during the period.
At the year end the company owed £67,215 to the directors (2021: £77,443).