REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
FOR |
MAREMAR LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
FOR |
MAREMAR LIMITED |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2024 |
29.2.24 | 31.1.23 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Maremar Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
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. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
i) Investment property |
Investment property is revalued to its fair value by the directors at each reporting date and any changes in fair value are recognised in profit or loss. |
REVENUE RECOGNITION |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company rents it's property to it's subsidiary and third party customers. Revenue is recognised in the accounting period in which the rental period relates to. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
INVESTMENT PROPERTY |
Investment property is shown at fair value. Any aggregate surplus or deficit arsing from changes in fair value is recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity 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. |
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. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
IMPAIRMENT POLICY |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 January 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Disposals | ( |
) |
Revaluations | (101,042 | ) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 January 2023 |
Investment property was revalued to its fair value by the directors at 31 January 2023. The directors consider this the fair value of the property at 29 February 2024. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 31.1.23 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
MAREMAR LIMITED (REGISTERED NUMBER: 04643084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 31.1.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | - | 160,891 |
- | 160,891 |
9. | SECURED DEBTS |
The bank loans are secured by way of legal charge in the property owned by the company and by way of fixed and floating charges over all property and assets. |
10. | RELATED PARTY DISCLOSURES |
At the year end, £143,336 (2023 - £241,908) was owed to the directors of the company. |
Transactions with directors are under normal market conditions and or not material. |
The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies. |