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Registration number: 06183170

Martins Deverel Limited

Annual Report and Unaudited Financial Statements

Year Ended 31 March 2024

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Chartered Accountants

 

Martins Deverel Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Martins Deverel Limited

Company Information

Directors

Mr J Martin

Mrs A C Martin

Company secretary

Mrs A C Martin

Registered office

The Bungalow
Milborne St. Andrew
Blandford Forum
Dorset
DT11 0HX

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Martins Deverel Limitedfor the 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 accounts of Martins Deverel Limited for the year ended 31 March 2024 as set out on pages 3 to 8 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/regulation.

This report is made solely to the Board of Directors of Martins Deverel Limited, as a body, in accordance with the terms of our engagement letter dated 10 December 2019. Our work has been undertaken solely to prepare for your approval the accounts of Martins Deverel Limited and state those matters that we have agreed to state to the Board of Directors of Martins Deverel Limited, 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 Martins Deverel Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Martins Deverel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Martins Deverel Limited. You consider that Martins Deverel 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 accounts of Martins Deverel 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

9 August 2024

 

Martins Deverel Limited

(Registration number: 06183170)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Entitlements

 

2,738

 

2,738

Tangible assets

4

 

517,375

 

552,168

Other financial assets

5

 

62,795

 

46,315

   

582,908

 

601,221

Current assets

   

 

Debtors

6

156,178

 

181,379

 

Cash at bank and in hand

 

307,237

 

224,431

 

 

463,415

 

405,810

 

Creditors: Amounts falling due within one year

7

(170,862)

 

(207,370)

 

Net current assets

   

292,553

 

198,440

Net assets

   

875,461

 

799,661

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

875,459

 

799,659

 

Total equity

   

875,461

 

799,661

For the financial 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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 



Mr J Martin
Director

 

Martins Deverel Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

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:
The Bungalow
Milborne St. Andrew
Blandford Forum
Dorset
DT11 0HX
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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:

 

Martins Deverel Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Improvements

10% straight line

Plant and machinery

20% straight line

Motor vehicles

20% straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Martins Deverel Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Improvements
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

366,447

312,360

86,947

765,754

At 31 March 2024

366,447

312,360

86,947

765,754

Depreciation

At 1 April 2023

-

145,247

68,338

213,585

Charge for the year

-

27,406

7,388

34,794

At 31 March 2024

-

172,653

75,726

248,379

Carrying amount

At 31 March 2024

366,447

139,707

11,221

517,375

At 31 March 2023

366,447

167,113

18,608

552,168

Included within the net book value of land and buildings above is £366,447 (2023 - £366,447) in respect of freehold land and buildings.
 

 

Martins Deverel Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Listed Investments

Valuation

At 1 April 2023

46,315

46,315

Fair value adjustments

3,730

3,730

Additions

12,750

12,750

At 31 March 2024

62,795

62,795

Carrying amount

At 31 March 2024

62,795

62,795

Cost and value of investments at 31 March 2022 is :

Cost

Value

£

£

HSBC World Selection - Balanced C

-

-

NFU Mutual Select Investment

59,627

62,795

59,627

62,795

6

Debtors

Current

2024
£

2023
£

Trade debtors

134,144

158,305

Prepayments

1,033

1,073

Other debtors

21,001

22,001

 

156,178

181,379

 

Martins Deverel Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

15,151

34,186

Taxation and social security

13,462

22,294

Accruals and deferred income

2,060

2,060

Other creditors

140,189

148,830

170,862

207,370