Company Registration No. 03471688 (England and Wales)
Marlin Securities Limited
Unaudited accounts
for the year ended 31 March 2023
Marlin Securities Limited
Unaudited accounts
Contents
Marlin Securities Limited
Company Information
for the year ended 31 March 2023
Directors
HAWKINS, Kim James
HAWKINS, Malin Kristin
HAWKINS, William James
Company Number
03471688 (England and Wales)
Registered Office
40 PETERBOROUGH ROAD
FULHAM
LONDON
SW6 3BN
United Kingdom
Marlin Securities Limited
Statement of financial position
as at 31 March 2023
Tangible assets
56,026
66,029
Investments
2,811,353
3,161,062
Inventories
1,545,170
1,425,736
Debtors
3,363,058
3,145,343
Cash at bank and in hand
896,355
913,532
Creditors: amounts falling due within one year
(24,405)
(80,018)
Net current assets
5,780,178
5,404,593
Total assets less current liabilities
8,647,557
8,631,684
Provisions for liabilities
Deferred tax
(9,480)
(11,354)
Net assets
8,638,077
8,620,330
Called up share capital
2
2
Profit and loss account
8,638,075
8,620,328
Shareholders' funds
8,638,077
8,620,330
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 December 2023 and were signed on its behalf by
HAWKINS, Kim James
Director
Company Registration No. 03471688
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
Marlin Securities Limited is a private company, limited by shares, registered in England and Wales, registration number 03471688. The registered office is 40 PETERBOROUGH ROAD, FULHAM, LONDON, SW6 3BN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group
Turnover represents amounts receivable from property trading, rental of properties and other fees receivable.
3.3 Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
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 .
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
3.4 Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss .
A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The company's investment in quoted shares is held for long-term investment. They are carried at cost and not measured at fair value. The directors do not consider that the market value of listed investments represents a permanent diminution in value.
This is a departure from the general requirement of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". FRS 102 requires the use of fair value in the measurement of investments in shares which are publicly traded or where the fair value can be measured reliably.
3.5 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.
Stock represents property stock held for development and sale and is valued at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
3.7 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
3.8 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
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, including creditors loans from fellow group companies 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
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. 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.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2022
17,500
147,002
164,502
At 31 March 2023
17,500
147,002
164,502
At 1 April 2022
16,514
81,959
98,473
Charge for the year
246
9,757
10,003
At 31 March 2023
16,760
91,716
108,476
At 31 March 2023
740
55,286
56,026
At 31 March 2022
986
65,043
66,029
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 April 2022
4
3,161,058
3,161,062
Disposals
-
(349,709)
(349,709)
Valuation at 31 March 2023
4
2,811,349
2,811,353
Subsidiaries
These financial statements are separate company financial statements for 31 March 2023.
Details of the company's subsidiaries at 31 March 2023 are as follows:
1) Name of undertaking: Framechoice Limited , Registered office: England and Wales
Class of shares held : Ordinary , % held directly: 100
2) Name of undertaking: Themeplace Limited , Registered office: England and Wales
Class of shares held : Ordinary , % held directly: 100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
1) Name of undertaking: Framechoice Limited,Capital and reserves : £1,Profit/(loss): 0
2) Name of undertaking: Themeplace Limited,Capital and reserves : £1,Profit/(loss): 0
Significant undertakings
1) Name of undertaking: Yachtblue Limited, Registered office: England and Wales
Class of shares held: Ordinary , %held directly: 50 ,indirect:0
2) Name of undertaking: Bigwave Limited, Registered office: England and Wales
Class of shares held: Ordinary, %held directly: 50 , indirect:0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
1) Name of undertaking:Yachblue Limited,Capital and reserves : £2,Profit/(loss): 0
2) Name of undertaking: Bigwave Limited,Capital and reserves : £2,Profit/(loss): 0
Amounts falling due within one year
Accrued income and prepayments
749
-
Other debtors
3,362,309
3,145,343
Marlin Securities Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
2,100
Other creditors
13,383
13,383
Loans from directors
1,630
48,859
8
Transactions with related parties
Included in debtors is an amount of £35,664 (2022 : £35,664) which is owed by Windgold Limited, a company in which the director K J Hawkins has an interest.
Included in debtors is an amount of £2,246,877 (2022: £1,789,142) which is owed from Raven Cotswold Limited, a company in which the director K J Hawkins has an interest.
Included in debtors is an amount of £28,630 (2022 : £25,118) which is owed from Bigwave Limited, a company in which the director K J Hawkins has an interest.
Included in other creditors is an amount of £1,630 (2022 : £48,859 ) which is due to K J Hawkins, a director of the company.
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).