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REGISTERED NUMBER: 11877681 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MARTELLO FINANCIAL SERVICES LTD

MARTELLO FINANCIAL SERVICES LTD (REGISTERED NUMBER: 11877681)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MARTELLO FINANCIAL SERVICES LTD

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: J R Garvey
M Gleave
R Henderson
R W Moore
A Boyes





REGISTERED OFFICE: 7 Bell Yard
London
WC2A 2JR





REGISTERED NUMBER: 11877681 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

MARTELLO FINANCIAL SERVICES LTD (REGISTERED NUMBER: 11877681)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,337 16,714

CURRENT ASSETS
Debtors 5 1,659,316 510,509
Cash at bank 606,098 240,289
2,265,414 750,798
CREDITORS
Amounts falling due within one year 6 (1,548,856 ) (605,942 )
NET CURRENT ASSETS 716,558 144,856
TOTAL ASSETS LESS CURRENT
LIABILITIES

718,895

161,570

CAPITAL AND RESERVES
Called up share capital 11 11
Retained earnings 718,884 161,559
SHAREHOLDERS' FUNDS 718,895 161,570

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





A Boyes - Director


MARTELLO FINANCIAL SERVICES LTD (REGISTERED NUMBER: 11877681)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023


1. STATUTORY INFORMATION

Martello Financial Services Ltd is a private company, limited by shares, registered in England and Wales. Its registered office address is 7 Bell Yard, London, England WC2A 2JR and the registered number is 11877681.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational currency of the financial statements is the pound sterling (£) and figures are rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of company’s sales channels have been met.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Computer equipment- 33% straight line
Fixtures and Fittings- 25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


MARTELLO FINANCIAL SERVICES LTD (REGISTERED NUMBER: 11877681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 4,476 41,630 46,106
DEPRECIATION
At 1 November 2022 1,908 27,484 29,392
Charge for year 638 13,739 14,377
At 31 October 2023 2,546 41,223 43,769
NET BOOK VALUE
At 31 October 2023 1,930 407 2,337
At 31 October 2022 2,568 14,146 16,714

MARTELLO FINANCIAL SERVICES LTD (REGISTERED NUMBER: 11877681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,608,273 384,266
Other debtors 29,916 32,400
Tax - 78,396
Prepayments and accrued income 21,127 15,447
1,659,316 510,509

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 646,997 110,295
Amounts owed to group undertakings 307,259 357,862
Taxation and social security 335,073 51,535
Other creditors 259,527 86,250
1,548,856 605,942

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 125,760 102,695

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, Directors charged the company £181,423 (2022: £35,263) for Expert Services.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Martello Financial Services Holdings Limited. The company had no ultimate controlling party, as no one person has a significant shareholding in the ultimate parent company.