0 01/04/2023 31/03/2024 2024-03-31 true false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04514413 2023-04-01 2024-03-31 04514413 2024-03-31 04514413 2023-03-31 04514413 2022-04-01 2023-03-31 04514413 2023-03-31 04514413 2022-03-31 04514413 core:PlantMachinery 2023-04-01 2024-03-31 04514413 bus:RegisteredOffice 2023-04-01 2024-03-31 04514413 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 04514413 bus:Director1 2023-04-01 2024-03-31 04514413 core:FurnitureFittingsToolsEquipment 2023-03-31 04514413 core:FurnitureFittingsToolsEquipment 2024-03-31 04514413 core:WithinOneYear 2024-03-31 04514413 core:WithinOneYear 2023-03-31 04514413 core:AfterOneYear 2024-03-31 04514413 core:AfterOneYear 2023-03-31 04514413 core:ShareCapital 2024-03-31 04514413 core:ShareCapital 2023-03-31 04514413 core:RetainedEarningsAccumulatedLosses 2024-03-31 04514413 core:RetainedEarningsAccumulatedLosses 2023-03-31 04514413 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04514413 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04514413 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 04514413 core:Non-currentFinancialInstruments 2024-03-31 04514413 core:Non-currentFinancialInstruments 2023-03-31 04514413 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 04514413 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 04514413 core:FurnitureFittingsToolsEquipment 2023-03-31 04514413 bus:SmallEntities 2023-04-01 2024-03-31 04514413 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04514413 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04514413 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04514413 bus:FullAccounts 2023-04-01 2024-03-31 04514413 core:Associate1 2023-04-01 2024-03-31 04514413 core:Associate1 2022-04-01 2023-03-31 04514413 core:Associate2 2023-04-01 2024-03-31 04514413 core:Associate2 2022-04-01 2023-03-31 04514413 core:Associate3 2023-04-01 2024-03-31 04514413 core:Associate3 2022-04-01 2023-03-31 04514413 core:Associate4 2023-04-01 2024-03-31 04514413 core:Associate5 2023-04-01 2024-03-31 04514413 core:Associate2 2023-03-31 04514413 core:Associate3 2023-03-31 04514413 core:Associate4 2024-03-31 04514413 core:Associate5 2023-03-31 04514413 core:Associate2 2024-03-31 04514413 core:AllAssociates 2023-04-01 2024-03-31
Company registration number: 04514413
Town & Country Markyate Limited
Unaudited filleted financial statements
31 March 2024
Town & Country Markyate Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Town & Country Markyate Limited
Directors and other information
Director Mr Mark Bristow
Company number 04514413
Registered office 51 High Street
Redbourn
St Albans
Hertfordshire
AL3 7LW
Business address 51 High Street
Redbourn
St Albans
Hertfordshire
AL3 7LW
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Town & Country Markyate Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Town & Country Markyate Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Town & Country Markyate Limited for the year ended 31 March 2024 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Town & Country Markyate 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 Town & Country Markyate Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Town & Country Markyate Limited and its director as a body for our work or for this report.
It is your duty to ensure that Town & Country Markyate 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 Town & Country Markyate Limited. You consider that Town & Country Markyate 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 Town & Country Markyate 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.
Hardcastle Blake
Chartered Accountants
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
26 July 2024
Town & Country Markyate Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 561 1,121
Investments 6 675,000 725,000
_______ _______
675,561 726,121
Current assets
Debtors:
Amounts falling due within one year 7 51,776 250,985
Cash at bank and in hand 105,603 14,537
_______ _______
157,379 265,522
Creditors: amounts falling due
within one year 8 ( 104,638) ( 98,301)
_______ _______
Net current assets 52,741 167,221
_______ _______
Total assets less current liabilities 728,302 893,342
Creditors: amounts falling due
after more than one year 9 ( 16,960) ( 91,496)
Provisions for liabilities ( 44,166) ( 43,065)
_______ _______
Net assets 667,176 758,781
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 667,026 758,631
_______ _______
Shareholders funds 667,176 758,781
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 26 July 2024 , and are signed on behalf of the board by:
Mr Mark Bristow
Director
Company registration number: 04514413
Town & Country Markyate Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 51 High Street, Redbourn, St Albans, Hertfordshire, AL3 7LW.
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 and investment properties 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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 15 % reducing balance
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 4,086 4,086
_______ _______
Depreciation
At 1 April 2023 2,965 2,965
Charge for the year 560 560
_______ _______
At 31 March 2024 3,525 3,525
_______ _______
Carrying amount
At 31 March 2024 561 561
_______ _______
At 31 March 2023 1,121 1,121
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2023 725,000 725,000
Fair value adjustment (50,000) (50,000)
_______ _______
At 31 March 2024 675,000 675,000
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 675,000 675,000
_______ _______
At 31 March 2023 725,000 725,000
_______ _______
7. Debtors
Debtors falling due within one year are as follows:
2024 2023
£ £
Trade debtors 276 985
Other debtors 51,500 250,000
_______ _______
51,776 250,985
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 34,115 37,660
Trade creditors - 1,455
Corporation tax 10,585 32,929
Social security and other taxes 1,779 4,714
Other creditors 58,159 21,543
_______ _______
104,638 98,301
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 16,960 91,496
_______ _______
The reamining CBIL's loan of £38,560 (2023: £129,156 including a mortgage loan repaid in the year) is secured by debenture over the company's assets and legal charge over the property.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 44,166 43,065
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Fair value adjustment of investment property 44,166 43,065
_______ _______
11. Directors advances, credits and guarantees
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Town and Country Caddington - management charge 13,333 20,000 - -
Fine and Country Redbourn - management charge - 75,000 - ( 13,500)
Town and Country Edlesborough - inter co - 25,000 - 871
Town and Country Maintenance - inter co 6,283 (4,783) 1,500 -
Burgundy Developments - inter co (248,800) 50,000 - 248,800
Fine and Country Redbourn 50,000 - 50,000 -
Burgundy Developments Loan interest 20,000 - - -
_______ _______ _______ _______
The majority of the related party transactions relate to management charges. Inter company loans are also made to assist funding requirements in common ownership entities
13. Controlling party
The parent company is T & C Markyate Limited , its registered office being the same. The ultimate controlling party is Mr M Bristow by virtue of his controlling interest of the parent company.