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COMPANY REGISTRATION NUMBER: 1176191
Marronford Limited
Filleted Unaudited Financial Statements
5 April 2024
Marronford Limited
Financial Statements
Year ended 5th April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Marronford Limited
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
296,033
83,081
Investments
5
3,510,935
2,154,318
------------
------------
3,806,968
2,237,399
Current assets
Debtors
6
929,639
163,093
Cash at bank and in hand
102,891
35,130
------------
---------
1,032,530
198,223
Creditors: amounts falling due within one year
7
535,126
174,258
------------
---------
Net current assets
497,404
23,965
------------
------------
Total assets less current liabilities
4,304,372
2,261,364
Provisions
Taxation including deferred tax
207,437
------------
------------
Net assets
4,096,935
2,261,364
------------
------------
Capital and reserves
Called up share capital
97,000
97,000
Share premium account
131,250
131,250
Profit and loss account
3,868,685
2,033,114
------------
------------
Shareholders funds
4,096,935
2,261,364
------------
------------
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.
For the year ending 5th April 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Marronford Limited
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr D. Rothburn
Director
Company registration number: 1176191
Marronford Limited
Notes to the Financial Statements
Year ended 5th April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260/8 Chapel Street, Salford, Manchester, M3 5JZ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 liabilities 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Land and buildings
£
Cost or valuation
At 6th April 2023
83,081
Revaluations
212,952
---------
At 5th April 2024
296,033
---------
Depreciation
At 6th April 2023 and 5th April 2024
---------
Carrying amount
At 5th April 2024
296,033
---------
At 5th April 2023
83,081
---------
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 6th April 2023
1,000
2,153,318
2,154,318
Additions
1,096,930
1,096,930
Revaluations
259,687
259,687
-------
------------
------------
At 5th April 2024
1,000
3,509,935
3,510,935
-------
------------
------------
Impairment
At 6th April 2023 and 5th April 2024
-------
------------
------------
Carrying amount
At 5th April 2024
1,000
3,509,935
3,510,935
-------
------------
------------
At 5th April 2023
1,000
2,153,318
2,154,318
-------
------------
------------
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2024
2023
£
£
Other debtors
929,639
163,093
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,590
Amounts owed to group undertakings and undertakings in which the company has a participating interest
515,211
137,555
Social security and other taxes
13,296
8,616
Other creditors
6,619
4,497
---------
---------
535,126
174,258
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D. Rothburn
260,698
260,698
----
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D. Rothburn
----
----
----
9. Related party transactions
The company was under the control of Mr D. Rothburn throughout the current and previous year. Mr D. Rothburn is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under FRS 1a.