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Registration number: 11698848

James Marquees Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

James Marquees Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

James Marquees Limited

Company Information

Directors

D J Mulligan

B G Mulligan

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

James Marquees Limited

(Registration number: 11698848)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,709

8,544

Tangible assets

5

147,919

168,331

 

149,628

176,875

Current assets

 

Debtors

6

3,465

7,680

Cash at bank and in hand

 

37,878

16,834

 

41,343

24,514

Creditors: Amounts falling due within one year

7

(112,081)

(126,659)

Net current liabilities

 

(70,738)

(102,145)

Total assets less current liabilities

 

78,890

74,730

Creditors: Amounts falling due after more than one year

7

(127,276)

(167,681)

Net liabilities

 

(48,386)

(92,951)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(48,486)

(93,051)

Shareholders' deficit

 

(48,386)

(92,951)

For the financial year ending 31 December 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.

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.

 

James Marquees Limited

(Registration number: 11698848)
Balance Sheet as at 31 December 2023

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 12 March 2024 and signed on its behalf by:
 

...........................................
D J Mulligan
Director

 

James Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
39 High Street
Battle
East Sussex
TN33 0EE
England

The principal place of business is:
Brakes Coppice Farm
Telham Lane
Crowhurst
Battle
East Sussex
TN33 0SJ

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 presentation currency of the financial statements is the Pound Sterling (£).

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 hiring of marquees and other associated products 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.

 

James Marquees Limited

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

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

Plant, machinery and equipment

20% reducing balance basis

Marquees, tents and fittings

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Computer and office equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% straight line basis

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 at the transaction price, 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.

 

James Marquees Limited

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

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 at the transaction price.

Borrowings

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 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

James Marquees Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

34,175

34,175

At 31 December 2023

34,175

34,175

Amortisation

At 1 January 2023

25,631

25,631

Amortisation charge

6,835

6,835

At 31 December 2023

32,466

32,466

Carrying amount

At 31 December 2023

1,709

1,709

At 31 December 2022

8,544

8,544

5

Tangible assets

Marquees, tents and fittings
 £

Motor vehicles
 £

Plant, machinery and equipment
£

Total
£

Cost or valuation

At 1 January 2023

220,179

75,729

42,357

338,265

Additions

22,106

-

-

22,106

Disposals

(1,875)

(1,780)

(4,000)

(7,655)

At 31 December 2023

240,410

73,949

38,357

352,716

Depreciation

At 1 January 2023

107,521

38,351

24,062

169,934

Charge for the year

26,789

9,193

3,369

39,351

Eliminated on disposal

(1,059)

(1,170)

(2,259)

(4,488)

At 31 December 2023

133,251

46,374

25,172

204,797

Carrying amount

At 31 December 2023

107,159

27,575

13,185

147,919

At 31 December 2022

112,658

37,378

18,295

168,331

 

James Marquees Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

3,465

7,680

3,465

7,680

 

James Marquees Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

45,825

66,988

Trade creditors

 

10,125

13,556

Taxation and social security

 

11,766

8,834

Accruals and deferred income

 

2,930

2,450

Other creditors

 

9,195

7,332

Directors loan accounts

 

32,240

27,499

 

112,081

126,659

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

127,276

167,681

Creditors include loans repayable by instalments of which £18,793 (2022 - £39,164) is due after more than five years.

The company relies upon the continued support of its directors.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

66,276

78,146

Hire purchase contracts

-

5,748

Other borrowings

61,000

83,787

127,276

167,681

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,870

11,871

Hire purchase contracts

5,748

6,898

Other borrowings

28,207

48,219

45,825

66,988