Company registration number 06999320 (England and Wales)
MARCUS LEON CREATIVE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
MARCUS LEON CREATIVE LTD
COMPANY INFORMATION
Directors
Mrs M Jones
Mr M Jones
Secretary
Mrs M Jones
Company number
06999320
Registered office
Newry Cottage
Marsh Lane
Eddleston
Nantwich
Cheshire
CW5 8PA
Accountants
Dains Accountants Limited
Suite 2, Albion House
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshire
ST1 5RQ
MARCUS LEON CREATIVE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARCUS LEON CREATIVE LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,022
1,048
Current assets
Stocks
-
2,091
Debtors
4
38,764
41,921
Cash at bank and in hand
57
672
38,821
44,684
Creditors: amounts falling due within one year
5
(20,626)
(25,452)
Net current assets
18,195
19,232
Total assets less current liabilities
19,217
20,280
Creditors: amounts falling due after more than one year
6
(14,933)
(19,600)
Provisions for liabilities
(256)
(262)
Net assets
4,028
418
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,928
318
Total equity
4,028
418
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARCUS LEON CREATIVE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr M Jones
Director
Company registration number 06999320 (England and Wales)
MARCUS LEON CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Marcus Leon Creative Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Newry Cottage, Marsh Lane, Eddleston, Nantwich, Cheshire, CW5 8PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Ttruehe directors consider the company to be a going concern as they will continue to support and finance the business through their loan account.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% on cost
Plant and equipment
15% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Work in progress are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MARCUS LEON CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
MARCUS LEON CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
1,308
525
4,013
5,846
Depreciation and impairment
At 1 September 2022
260
525
4,013
4,798
Depreciation charged in the year
26
26
At 31 August 2023
286
525
4,013
4,824
Carrying amount
At 31 August 2023
1,022
1,022
At 31 August 2022
1,048
1,048
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,319
Other debtors
37,445
41,921
38,764
41,921
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,133
5,600
Trade creditors
882
Taxation and social security
13,687
19,013
Other creditors
924
839
20,626
25,452
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,933
19,600
MARCUS LEON CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Marcus Jones
2.25
32,185
2,000
663
(7,139)
27,709
32,185
2,000
663
(7,139)
27,709
The above advance had no fixed repayment date and was unsecured.