THE MARLBOROUGH ARMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
Company Registration Number: 07409595
THE MARLBOROUGH ARMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
THE MARLBOROUGH ARMS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
DIRECTORS
Sally Ann McEwen
Alastair McEwen
Alexander McEwen
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX1 1LQ
COMPANY REGISTRATION NUMBER
07409595 England and Wales
THE MARLBOROUGH ARMS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 71,412 91,838
CURRENT ASSETS
Stock 2,500 2,500
Debtors 6 78,566 16,863
Cash at bank and in hand 42,439 137,364
123,505 156,727
CREDITORS: Amounts falling due within one year 7 91,375 110,198
NET CURRENT ASSETS 32,130 46,529
TOTAL ASSETS LESS CURRENT LIABILITIES 103,542 138,367
CREDITORS: Amounts falling due after more than one year 8 15,834 25,833
Provisions for liabilities and charges 13,980 15,213
NET ASSETS 73,728 97,321
CAPITAL AND RESERVES
Called up share capital 36 28
Distributable profit and loss account 73,692 97,293
SHAREHOLDERS' FUNDS 73,728 97,321
THE MARLBOROUGH ARMS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Sally Ann McEwen
Director
Date approved by the board: 12 July 2024
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
1 GENERAL INFORMATION
The Marlborough Arms Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court 26 Oxford Street
Oxford Office Village Woodstock
Langford Lane Oxford
Kidlington OX20 1TS
Oxfordshire
OX1 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of hotel accommodation services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Fixtures and fittings Reducing balance basis at 25% per annum
Office equipment Reducing balance basis at 25% per annum
Leasehold improvements Straight line basis at 20% per annum
Computer equipment Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 8 7
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
5 TANGIBLE ASSETS
Fixtures and fittings Office equipment Leasehold improvements Computer equipment Total
£ £ £ £ £
Cost
At 1 November 2022 229,909 3,805 98,928 2,270 334,912
Additions 9,382 - - - 9,382
At 31 October 2023 239,291 3,805 98,928 2,270 344,294
Accumulated depreciation and impairments
At 1 November 2022 165,133 2,857 73,031 2,053 243,074
Charge for year 16,824 237 12,693 54 29,808
At 31 October 2023 181,957 3,094 85,724 2,107 272,882
Net book value
At 1 November 2022 64,776 948 25,897 217 91,838
At 31 October 2023 57,334 711 13,204 163 71,412
6 DEBTORS
2023 2022
£ £
Prepayments and accrued income 1,094 938
Other debtors 77,472 15,925
78,566 16,863
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 21,200 28,647
Taxation and social security 48,650 58,585
Accruals and deferred income 3,502 3,503
Other creditors 8,023 9,463
91,375 110,198
THE MARLBOROUGH ARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,834 25,833
9 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year
Balance at 1 November 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 October 2023
£ £ £ £ £
S & A McEwen 9,316 166,590 108,176 - 67,730
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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