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Registration number: 12579471

Prepared for the registrar

ML Noah's Ark Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

ML Noah's Ark Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

ML Noah's Ark Limited

Company Information

Directors

A Clare

L Malthouse

M Wayland

Registered office

44-46 Westway
Maghull
Liverpool
L31 0AB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

ML Noah's Ark Limited

(Registration number: 12579471)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

351,916

380,218

Current assets

 

Stocks

3,304

11,974

Debtors

5

35,867

8,748

Cash at bank and in hand

 

138,350

76,981

 

177,521

97,703

Creditors: Amounts falling due within one year

6

(192,012)

(142,437)

Net current liabilities

 

(14,491)

(44,734)

Total assets less current liabilities

 

337,425

335,484

Creditors: Amounts falling due after more than one year

6

(313,712)

(350,969)

Deferred tax liabilities

7

(1,528)

-

Net assets/(liabilities)

 

22,185

(15,485)

Capital and reserves

 

Called up share capital

600

600

Profit and loss account

21,585

(16,085)

Shareholders' funds/(deficit)

 

22,185

(15,485)

For the financial 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 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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 


A Clare
Director

 

ML Noah's Ark Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
44-46 Westway
Maghull
Liverpool
L31 0AB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

ML Noah's Ark Limited

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

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

Leasehold improvements

Over the term of the lease

Plant and machinery

25% of written down value

Fixtures and fittings

10% of written down value

Computer equipment

33.33% of cost

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 initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

ML Noah's Ark Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

ML Noah's Ark Limited

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 November 2022

292,575

114,562

407,137

Additions

7,360

10,377

17,737

At 31 October 2023

299,935

124,939

424,874

Depreciation

At 1 November 2022

11,378

15,541

26,919

Charge for the period

21,249

24,790

46,039

At 31 October 2023

32,627

40,331

72,958

Carrying amount

At 31 October 2023

267,308

84,608

351,916

At 31 October 2022

281,197

99,021

380,218

Included within the net book value of land and buildings above is £267,308 (2022 - £281,197) in respect of long leasehold land and buildings.
 

 

ML Noah's Ark Limited

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

 

5

Debtors

31 October 2023
 £

31 October 2022
 £

Trade debtors

9,779

6,107

Other debtors

20,514

2,641

Prepayments

5,574

-

 

35,867

8,748

 

6

Creditors

Note

31 October 2023
 £

31 October 2022
 £

Due within one year

 

Loans and borrowings

8

113,936

159,127

Trade creditors

 

27,984

6,830

Social security and other taxes

 

18,080

(44,394)

Outstanding defined contribution pension costs

 

161

215

Accrued expenses

 

31,851

20,659

 

192,012

142,437

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

313,712

350,969

 

ML Noah's Ark Limited

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

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

54,489

Losses and other deductions

(52,944)

Short term timing differences

(17)

1,528

As at 31 October 2023, the company had taxable losses of £211,775 available to be carried forward against future trading profits.

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

44,960

51,028

HP and finance lease liabilities

12,832

14,841

Other borrowings

56,144

93,258

113,936

159,127

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

241,661

270,582

HP and finance lease liabilities

72,051

80,387

313,712

350,969

 

9

Share capital

Allotted, called up and fully paid shares

 

31 October 2023

31 October 2022

 

No.

£

No.

£

Ordinary A £1 shares of £1 each

180

180

180

180

Ordinary B £1 shares of £1 each

180

180

180

180

Ordinary C £1 shares of £1 each

60

60

60

60

Ordinary D £1 shares of £1 each

180

180

180

180

 

600

600

600

600

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

 

ML Noah's Ark Limited

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

 

10

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.

As at the balance sheet date, the company owed a director £56,144 and was owed £15,590 by the other two directors (2022 - the company owed a director £93,258 and was owed £2,641 by two directors).

The balances are included within other borrowings and other debtors respectively.

There are no set repayment terms and interest has been charged on the credit balance.

The movement on the overdrawn accounts can be analysed as follows:

 

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

A Clare

Amount owed to / (from) director

(336)

(2,658)

1,312

(1,682)

         
       

M Wayland

Amount owed to / (from) director

(2,305)

(14,559)

2,956

(13,908)

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

A Clare

Amount owed to / (from) director

-

(444)

108

(336)

         
       

M Wayland

Amount owed to / (from) director

-

(4,980)

2,675

(2,305)