Registered number
02710926
Mardair Limited
Unaudited Filleted Accounts
31 March 2023
Mardair Limited
Registered number: 02710926
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 390,000 390,000
Current assets
Debtors 4 170,572 170,572
Cash at bank and in hand 275,415 278,919
445,987 449,491
Creditors: amounts falling due within one year 5 (47,272) (30,712)
Net current assets 398,715 418,779
Net assets 788,715 808,779
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 246,414 246,414
Profit and loss account 541,301 561,365
Shareholders' funds 788,715 808,779
The director is 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 director acknowledges his 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.
M R Martin
Director
Approved by the board on 21 August 2023
Mardair Limited
Notes to the Accounts
for the year ended 31 March 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:
Freehold buildings no charge
Plant and machinery 15% per annum
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 390,000
At 31 March 2023 390,000
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 390,000
At 31 March 2022 390,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 242,859 242,859
Cumulative depreciation based on historical cost - -
242,859 242,859
The freehold properties were revalued in January 2010.
4 Debtors 2023 2022
£ £
Other debtors 170,572 170,572
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 720 728
Taxation and social security costs 6,072 29,984
Other creditors 40,480 -
47,272 30,712
6 Revaluation reserve 2023 2022
£ £
At 1 April 2022 246,414 436,414
Loss on revaluation of land and buildings - (190,000)
At 31 March 2023 246,414 246,414
7 Related party transactions
The White Elephant Company Limited, a company under common ownership and control, has an outstanding overdraft of £175,972 (2022: £200,327) secured on the freehold property owned by Mardair Limited.

The company charges rent to The White Elephant Company Limited for the factory premises at Paxton Corner, Clacton on Sea.
8 Other information
Mardair Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Paxton Corner
Brunel Road
Clacton on Sea
Essex
CO15 4LU
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