REGISTERED NUMBER: |
MARTRAD LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
REGISTERED NUMBER: |
MARTRAD LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MARTRAD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Martrad Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02172067 and its registered office address is PO Box 111, Richmond, Macclesfield Road, Macclesfield, Cheshire, England, SK10 4DH. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors believe that the company is well placed to face the risks at these challenging times and therefore continues to adopt a going concern basis in preparing these financial statements. |
Revenue |
Revenue represents rental of equipment, finance lease interest and loan interest, excluding value added tax. |
All of the income from finance leasing and hire purchase contracts, being the excess of total rentals received over the cost of net investment in finance lease and hire purchase contracts, is recognised in the income statement based on a pattern that reflects a constant periodic rate of return on the lessor's net investment in the finance lease. The method adopted is the actuarial method. |
The total net investment in finance leases and hire purchase contracts included in the statement of financial position represents total lease payments receivable net of finance lease and hire purchase contract income relating to future accounting periods. Amounts written off the net investment in such leases are calculated to write off the cost over the primary periods of the contracts. |
Property, plant and equipment |
Plant and machinery etc | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
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 accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Critical accounting estimates and judgements |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
The directors use judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts receivable in respect |
of finance leases |
Other debtors |
Amounts falling due after more than one year: |
Amounts receivable in respect |
of finance leases |
Aggregate amounts |
Of the amounts due after one year, £2,281,626 is due within 1-5 years (2022: £2,423,554) and £27,246 is due after 5 years (2022: £37,321). |
MARTRAD LIMITED (REGISTERED NUMBER: 02172067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |