Company Registration No. 00950551 (England and Wales)
MARKRISE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 01 AUGUST 2021 TO 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MARKRISE LIMITED
COMPANY INFORMATION
Directors
Mr V H Patel
(Appointed 1 December 2022)
Mr M H Patel
(Appointed 1 December 2022)
Secretary
Mr V H Patel
Company number
00950551
Registered office
6th Floor
London Wall Place
London
EC2Y 5AU
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MARKRISE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MARKRISE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED FINANCIAL STATEMENTS OF MARKRISE LIMITED FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Markrise Limited for the period ended 30 November 2022 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Markrise Limited and state those matters that we have agreed to state to the Board of Directors of Markrise Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Markrise Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Markrise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Markrise Limited. You consider that Markrise Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Markrise Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
28 November 2023
MARKRISE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,500
38,162
Investments
4
15,568
5,500
53,730
Current assets
Stocks
76,855
113,698
Debtors
5
81,854
52,262
Cash at bank and in hand
72,561
317,602
231,270
483,562
Creditors: amounts falling due within one year
6
(74,408)
(242,618)
Net current assets
156,862
240,944
Total assets less current liabilities
162,362
294,674
Creditors: amounts falling due after more than one year
7
(28,448)
Net assets
162,362
266,226
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
162,262
266,126
Total equity
162,362
266,226
The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial period from 1 August 2021 to 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 member has not required the company to obtain an audit of its financial statements for the period 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.
MARKRISE 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 27 November 2023 and are signed on its behalf by:
Mr V H Patel
Director
Company Registration No. 00950551
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Markrise Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, London Wall Place, London, EC2Y 5AU.
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, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
Company has extended the accounting reporting period from 31 July 2022 to 30 November 2022 due to Pearl Chemist Limited ( incorporated in England and Wales) acquiring the entire share capital of the company on 01 December 2022.
1.3
Turnover
Turnover comprises sale of goods and services at invoice or reimbursement value less discounts and excluding value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Fixed asset investments are stated at cost.
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and amounts due from group undertaking, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors and bank loans and overdrafts that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and the movements in the deferred tax due to the adjustment to the capital allowance.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
5
5
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021
135,009
Disposals
(40,731)
At 30 November 2022
94,278
Depreciation and impairment
At 1 August 2021
96,847
Depreciation charged in the period
12,722
Eliminated in respect of disposals
(20,791)
At 30 November 2022
88,778
Carrying amount
At 30 November 2022
5,500
At 31 July 2021
38,162
4
Fixed asset investments
2022
2021
£
£
Investments (Cost 31 July 2021)
15,568
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2021
15,568
Disposals
(15,568)
At 30 November 2022
-
Carrying amount
At 30 November 2022
-
At 31 July 2021
15,568
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
- 8 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
39,312
35,022
Corporation tax recoverable
6,222
Other debtors
36,320
8,615
81,854
43,637
Deferred tax asset
8,625
81,854
52,262
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
58,646
59,926
Amounts owed to group undertakings
96,999
Corporation tax
6,222
Other taxation and social security
8,017
555
Other creditors
7,745
78,916
74,408
242,618
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
28,448
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2022
2021
Balances:
£
£
Accelerated capital allowances
-
8,625
MARKRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD FROM 1 AUGUST 2021 TO 30 NOVEMBER 2022
8
Deferred taxation
(Continued)
- 9 -
2022
Movements in the period:
£
Asset at 1 August 2021
(8,625)
Charge to profit or loss
8,625
Liability at 30 November 2022
-
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Reserves
The only movements in reserves for the year ended 31 July 2021 were profits and for the period ended 30 November 2022 are losses .
11
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
As at 30 November 2022 Mr N R Patel ( Former Director) and Mrs K N Patel ( Former Director) owes £18,530 to the company.
12
Parent company
The company's ultimate parent undertaking at the balance sheet date was Saroram UK Limited.
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