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Registration number: 7163169

Mardon Rentals Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Mardon Rentals Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Mardon Rentals Limited

Company Information

Directors

Mr D Henry

Mr J Tapp

Registered office

Donmar House
Lime Way
Pathfields Business Park
South Molton
Devon
EX36 3LH

Accountants

PGD Accountants
Certified Accountants
26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

Mardon Rentals Limited

(Registration number: 7163169)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

414,179

241,795

Current assets

 

Debtors

5

649,256

648,621

Cash at bank and in hand

 

1,764

161,673

 

651,020

810,294

Creditors: Amounts falling due within one year

6

(154,401)

(185,902)

Net current assets

 

496,619

624,392

Total assets less current liabilities

 

910,798

866,187

Creditors: Amounts falling due after more than one year

6

(214,524)

(162,321)

Provisions for liabilities

-

(13,201)

Net assets

 

696,274

690,665

Capital and reserves

 

Called up share capital

7

1,100

1,100

Retained earnings

695,174

689,565

Shareholders' funds

 

696,274

690,665

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

.........................................
Mr J Tapp
Director

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Donmar House
Lime Way
Pathfields Business Park
South Molton
Devon
EX36 3LH

These financial statements were authorised for issue by the Board on 29 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Machinery on hire

10 years straight line and life of lease

Motor vehicles

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. The obligations under finance leases are secured against the items of plant and machinery to which they relate.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

76,234

1,900,269

1,976,503

Additions

63,193

264,215

327,408

Disposals

-

(156,952)

(156,952)

At 30 June 2023

139,427

2,007,532

2,146,959

Depreciation

At 1 July 2022

19,109

1,715,599

1,734,708

Charge for the year

34,907

118,884

153,791

Eliminated on disposal

-

(155,719)

(155,719)

At 30 June 2023

54,016

1,678,764

1,732,780

Carrying amount

At 30 June 2023

85,411

328,768

414,179

At 30 June 2022

57,125

184,670

241,795

5

Debtors

Current

2023
£

2022
£

Trade debtors

39,697

50,882

Other debtors

609,559

597,739

 

649,256

648,621

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

122,339

111,308

Trade creditors

 

-

179

Taxation and social security

 

30,362

72,715

Accruals and deferred income

 

1,700

1,700

 

154,401

185,902

Creditors: amounts falling due after more than one year

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

214,524

162,321

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary class A of £1 each

100

100

100

100

Ordinary class B of £1 each

1,000

1,000

1,000

1,000

1,100

1,100

1,100

1,100

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

122,169

104,450

Other borrowings

170

6,858

122,339

111,308

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

214,524

162,321

9

Dividends

2023

2022

£

£

Interim dividend of £430.00 (2022 - £400.00) per ordinary share

43,000

40,000

 

 

10

Related party transactions

 

Mardon Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends paid to directors

2023
£

2022
£

Mr D Henry

Ordinary dividends paid

43,000

40,000

 

 

Summary of transactions with associates

In the period, the company paid Mardon Recycling Machinery Ltd for repairs/installation of balers, rent of office space/storage, baler rental and a management charge
 

Income and receivables from related parties

2023

Associates
£

Sale of goods

1,658

2022

Expenditure with and payables to related parties

2023

Associates
£

Purchase of goods

125,016

Rendering of services

235,665

360,681

2022

Associates
£

Rendering of services

178,079

Loans to related parties

2023

Associates
£

Total
£

At start of period

200,000

200,000

At end of period

200,000

200,000

2022

Associates
£

Total
£

At start of period

200,000

200,000

At end of period

200,000

200,000