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Registration number: 02535909

The Marble Mosaic Company (Holdings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Marble Mosaic Company (Holdings) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The Marble Mosaic Company (Holdings) Limited

(Registration number: 02535909)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,276

9,103

Tangible assets

5

985,708

948,251

 

993,984

957,354

Current assets

 

Debtors

6

275,129

180,160

Investments

7

5

90,004

Cash at bank and in hand

 

385,347

518,776

 

660,481

788,940

Creditors: Amounts falling due within one year

8

(3,298)

(3,298)

Net current assets

 

657,183

785,642

Total assets less current liabilities

 

1,651,167

1,742,996

Provisions for liabilities

(96,859)

(96,859)

Net assets

 

1,554,308

1,646,137

Capital and reserves

 

Called up share capital

96,900

96,900

Share premium reserve

17,835

17,835

Profit and loss account

1,439,573

1,531,402

Shareholders' funds

 

1,554,308

1,646,137

 

The Marble Mosaic Company (Holdings) Limited

(Registration number: 02535909)
Statement of Financial Position as at 31 March 2023 (continued)

For the financial 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.

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 Statement of Comprehensive Income.

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


Mr S F Maddalena
Director

 

The Marble Mosaic Company (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Winterstoke Road
WESTON-SUPER-MARE
North Somerset
BS23 3YE

Principal activity

The principal activity of the company is that of the parent undertaking to a long established business of subcontractors to the building industry for the manufacture of architectural precast concrete.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

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 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 current corporation 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 statement of financial position 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.

 

The Marble Mosaic Company (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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

Land and buildings

- 2% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent

- 8% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Marble Mosaic Company (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

The Marble Mosaic Company (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Patent
 £

Total
£

Cost or valuation

At 1 April 2022

9,930

9,930

At 31 March 2023

9,930

9,930

Amortisation

At 1 April 2022

827

827

Amortisation charge

827

827

At 31 March 2023

1,654

1,654

Carrying amount

At 31 March 2023

8,276

8,276

At 31 March 2022

9,103

9,103

5

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2022

975,000

975,000

Additions

48,000

48,000

At 31 March 2023

1,023,000

1,023,000

Depreciation

At 1 April 2022

26,749

26,749

Charge for the year

10,543

10,543

At 31 March 2023

37,292

37,292

Carrying amount

At 31 March 2023

985,708

985,708

At 31 March 2022

948,251

948,251

The freehold property was revalued at open market value on 31 March 2019 by Stephen and Co., Chartered Surveyors, at £975,000. The historical written down value of the freehold property was £109,150 (2022 £109,150)
 

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

270,927

169,333

Other debtors

 

4,202

10,827

 

275,129

180,160

 

The Marble Mosaic Company (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Current asset investments

2023
£

2022
£

Shares in group undertakings

5

90,004

As of 31 March 2023 the company's shareholding in The Marble Mosaic Company Limited was subject of impairment provision which totalled £89,999.

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,200

1,200

Other creditors

2,098

2,098

3,298

3,298

9

Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses, and is made up as follows:-
 

Note

2023
£

2022
 £

Non-distributable

 

888,599

888,599

Distributable

 

640,973

642,803

 

1,529,572

1,531,402