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COMPANY REGISTRATION NUMBER: 10166175
Marigold Summer Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
Marigold Summer Limited
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
323,645
203,564
CURRENT ASSETS
Stocks
26,682
24,012
Debtors
6
510,135
474,864
Cash at bank and in hand
22,160
20,542
---------
---------
558,977
519,418
CREDITORS: amounts falling due within one year
( 1,326,504)
( 747,355)
------------
---------
NET CURRENT LIABILITIES
( 767,527)
( 227,937)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 443,882)
( 24,373)
CREDITORS: amounts falling due after more than one year
( 30,478)
( 41,126)
---------
--------
NET LIABILITIES
( 474,360)
( 65,499)
---------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 474,460)
( 65,599)
---------
--------
SHAREHOLDERS DEFICIT
( 474,360)
( 65,499)
---------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Marigold Summer Limited
Abridged Statement of Financial Position (continued)
30 June 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
A J Thomas
Director
Company registration number: 10166175
Marigold Summer Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. GENERAL INFORMATION
The company is a private limited company registered in England and Wales. The company's registered office address is 77 Malham Road, Forest Hill, London, SE23 1AH.
2. STATEMENT OF COMPLIANCE
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis as the director has agreed to continue to provide his financial support for the foreseeable future.
Revenue recognition
Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Company has transferred the significant risks and rewards of ownership to the buyer; - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transactions; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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:
Long leasehold property
-
5% straight line
Plant and equipment
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 are 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.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of finincial position date.
Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
5. TANGIBLE ASSETS
£
Cost
At 1 July 2022
209,244
Additions
152,588
---------
At 30 June 2023
361,832
---------
Depreciation
At 1 July 2022
5,680
Charge for the year
32,507
---------
At 30 June 2023
38,187
---------
Carrying amount
At 30 June 2023
323,645
---------
At 30 June 2022
203,564
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
55,027
55,027
Amounts owed by group undertakings and undertakings in which the company has a participating interest
321,780
339,562
Other debtors
133,328
80,275
---------
---------
510,135
474,864
---------
---------