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Company registration number: SC160183
Marvent (Fife) Limited
Unaudited filleted financial statements
31 October 2023
Marvent (Fife) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Marvent (Fife) Limited
Directors and other information
Directors William Marnoch
Susan Marnoch
Secretary Susan Marnoch
Company number SC160183
Registered office 2 Almond Bank
Lochty View
Glenrothes
Fife
KY7 4US
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers The Royal Bank of Scotland
3 Falkland Gate
Glenrothes
Fife
KY7 5NS
Marvent (Fife) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Marvent (Fife) Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marvent (Fife) Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Marvent (Fife) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Marvent (Fife) Limited and state those matters that we have agreed to state to the board of directors of Marvent (Fife) Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marvent (Fife) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Marvent (Fife) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Marvent (Fife) Limited. You consider that Marvent (Fife) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Marvent (Fife) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
22 July 2024
Marvent (Fife) Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,929 71,674
_______ _______
14,929 71,674
Current assets
Stocks 15,000 20,000
Debtors 6 219,886 154,925
Cash at bank and in hand 24 85,862
_______ _______
234,910 260,787
Creditors: amounts falling due
within one year 7 ( 135,769) ( 163,808)
_______ _______
Net current assets 99,141 96,979
_______ _______
Total assets less current liabilities 114,070 168,653
Creditors: amounts falling due
after more than one year 8 ( 16,667) ( 26,667)
Provisions for liabilities - ( 10,263)
_______ _______
Net assets 97,403 131,723
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 97,303 131,623
_______ _______
Shareholders funds 97,403 131,723
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
William Marnoch
Director
Company registration number: SC160183
Marvent (Fife) Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Almond Bank, Lochty View, Glenrothes, Fife, KY7 4US.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements - Straight line over the life of the lease
Plant and machinery - 20% reducing balance
Fixtures, fittings and equipment - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 12 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 November 2022 27,337 122,806 9,891 38,900 2,876 201,810
Additions - - - 11,500 2,806 14,306
Disposals - ( 122,806) ( 9,891) ( 50,400) ( 5,682) ( 188,779)
_______ _______ _______ _______ _______ _______
At 31 October 2023 27,337 - - - - 27,337
_______ _______ _______ _______ _______ _______
Depreciation
At 1 November 2022 9,673 82,886 4,298 30,818 2,461 130,136
Charge for the year 2,735 - - - - 2,735
Disposals - ( 82,886) ( 4,298) ( 30,818) ( 2,461) ( 120,463)
_______ _______ _______ _______ _______ _______
At 31 October 2023 12,408 - - - - 12,408
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 14,929 - - - - 14,929
_______ _______ _______ _______ _______ _______
At 31 October 2022 17,664 39,920 5,593 8,082 415 71,674
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 206,881 151,273
Other debtors 13,005 3,652
_______ _______
219,886 154,925
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,120 10,000
Trade creditors 72,554 50,951
Corporation tax 14,759 2,460
Social security and other taxes 9,662 17,258
Other creditors 17,674 83,139
_______ _______
135,769 163,808
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 16,667 26,667
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 27,611 27,611
Later than 1 year and not later than 5 years 20,709 48,320
_______ _______
48,320 75,931
_______ _______
10. Related party transactions
Included in "Other creditors" is an amount of £2,136 (2022: £73,236) due to the directors from the company. This loan is interest free and has no fixed terms of repayment