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Registration number: 12568513

Martian Developments Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Martian Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Martian Developments Limited

(Registration number: 12568513)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

6,316

Current assets

 

Stocks

16,250

24,325

Debtors

5

15,430

29,711

Cash at bank and in hand

 

153,848

135,655

 

185,528

189,691

Creditors: Amounts falling due within one year

6

(177,276)

(187,737)

Net current assets

 

8,252

1,954

Net assets

 

8,252

8,270

Capital and reserves

 

Called up share capital

100

100

Retained earnings

8,152

8,170

Shareholders' funds

 

8,252

8,270

For the financial year ending 31 July 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 1 March 2024 and signed on its behalf by:
 

.........................................
Mr M P Ward
Director

 

Martian Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Unit 7D The Pompey Centre
Dickinson Road
Southsea
PO4 8ER
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

 

Martian Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current tax.

The current 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.

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

Improvements to leasehold property

straight line over 15 years

Fixtures, fittings and computer equipment

straight line over 10 years/straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Martian Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and computer equipment
 £

Total
£

Cost or valuation

At 1 August 2022

6,381

1,493

7,874

At 31 July 2023

6,381

1,493

7,874

Depreciation

At 1 August 2022

982

576

1,558

Charge for the year

5,399

917

6,316

At 31 July 2023

6,381

1,493

7,874

Carrying amount

At 31 July 2023

-

-

-

At 31 July 2022

5,399

917

6,316

5

Debtors

2023
£

2022
£

Other debtors

15,430

29,711

Total current trade and other debtors

15,430

29,711

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

64,260

62,844

Amounts owed to group undertakings

15,000

-

Taxation and social security

8,086

9,472

Other creditors

89,930

115,421

177,276

187,737