Company Registration No. 12790234 (England and Wales)
Marcott Limited
Unaudited accounts
for the year ended 31 January 2024
Marcott Limited
Unaudited accounts
Contents
Marcott Limited
Company Information
for the year ended 31 January 2024
Directors
K R Cottam
R W Marlow
Company Number
12790234 (England and Wales)
Registered Office
18 The Bridge Business Centre
Beresford Way
Chesterfield
Derbyshire
S41 9FG
UNITED KINGDOM
Accountants
Net Accountancy Solutions Limited
35 Gripps Common
Cotgrave
Nottingham
Nottinghamshire
NG12 3TF
Marcott Limited
Statement of financial position
as at 31 January 2024
Intangible assets
38,592
38,592
Tangible assets
4,541
9,081
Cash at bank and in hand
308,979
245,091
Creditors: amounts falling due within one year
(461,325)
(451,650)
Net current liabilities
(145,195)
(130,670)
Net liabilities
(102,062)
(82,997)
Called up share capital
100
100
Profit and loss account
(102,162)
(83,097)
Shareholders' funds
(102,062)
(82,997)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by
K R Cottam
Director
Company Registration No. 12790234
Marcott Limited
Notes to the Accounts
for the year ended 31 January 2024
Marcott Limited is a private company, limited by shares, registered in England and Wales, registration number 12790234. The registered office is 18 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets comprise investments in cryptocurrencies classified as such on the basis that they are a form of digital money and do not have physical substance and the company can expect an inflow of economic benefits. These cryptocurrencies are recorded at fair value at the balance sheet date with any increase in value recognised in other comprehensive income and accumulated in equity. A revaluation loss will be recognised in the profit and loss account. As it is considered that cryptocurrencies have an indefinite useful life this asset will not be amortised but tested annually for impairment.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 years straight line
The accounts have been prepared on a going concern basis on the understanding that the directors will continue to support the company financially for the foreseeable future.
Marcott Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Intangible fixed assets
Other
Intangible fixed assets comprise investments in cryptocurrencies held on trust by the director on behalf of the company. The cryptocurrencies have been classified as intangible fixed assets on the basis that they are a form of digital money and do not have physical substance and the company can expect an inflow of economic benefits. Since there is an active market for these cryptocurrencies they are recorded at fair value at the balance sheet date with any increase in value recognised in other comprehensive income and accumulated in equity. A revaluation loss will be recognised in the profit and loss account. As it is considered that cryptocurrencies have an indefinite useful life this asset will not be amortised but tested annually for impairment.
5
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Other debtors
7,151
75,889
Marcott Limited
Notes to the Accounts
for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024
2023
Other creditors
437,000
437,000
Loans from directors
-
1,250
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan repayable on demand
-
1,300
-
1,300
Interest free loan repayable on demand
69,550
161,301
230,000
851
69,550
162,601
230,000
2,151
The loans were repaid within 9 months of the year end.
9
Transactions with related parties
Various loans have been made between the company and other companies under common control. At the balance sheet date the company owed £372,000 to Ipsum (GB) Limited, £50,000 to Ipsum (UK) Limited and £15,000 to Ipsum Holdings Limited. Interest is accrued at a rate of 2.5% per annum and is payable when the loans are repaid which is by the 31 December 2025 at the latest.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).