Company registration number 09253185 (England and Wales)
MARGERISON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MARGERISON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARGERISON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,972
12,419
Investment properties
4
5,340,649
4,869,990
Investments
5
200
200
5,353,821
4,882,609
Current assets
Debtors
7
2,696,925
735,799
Investments
8
135,880
135,880
Cash at bank and in hand
62,437
1,640,467
2,895,242
2,512,146
Creditors: amounts falling due within one year
9
(4,105,140)
(2,998,081)
Net current liabilities
(1,209,898)
(485,935)
Total assets less current liabilities
4,143,923
4,396,674
Creditors: amounts falling due after more than one year
10
(1,182,350)
(1,243,573)
Net assets
2,961,573
3,153,101
Capital and reserves
Called up share capital
11
300
300
Profit and loss reserves
2,961,273
3,152,801
Total equity
2,961,573
3,153,101
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 December 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.
MARGERISON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
J J Margerison
Director
Company Registration No. 09253185
MARGERISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Margerison Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Lytham Trade Park, Preston Road, Lytham St Annes, Lancashire, FY8 5FP.
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.
The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MARGERISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MARGERISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
16,558
Additions
3,658
At 31 December 2023
20,216
Depreciation and impairment
At 1 January 2023
4,139
Depreciation charged in the year
3,105
At 31 December 2023
7,244
Carrying amount
At 31 December 2023
12,972
At 31 December 2022
12,419
MARGERISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 January 2023
4,869,990
Additions
470,659
At 31 December 2023
5,340,649
The company's investment properties are included in the financial statements at their acquisition price, the directors believe this is not materially different to their market value.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TJJW Ltd
Unit 8, Lytham Trade Park, Preston Road, Lytham St Annes, Lancashire, FY8 5FP
Ordinary
100.00
Landbond UK Ltd
Unit 8, Lytham Trade Park, Preston Road, Lytham St Annes, Lancashire, FY8 5FP
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by related undertakings
857,927
Other debtors
1,838,998
735,799
2,696,925
735,799
8
Current asset investments
2023
2022
£
£
Other investments
135,880
135,880
MARGERISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,000
50,000
Amounts due to related undertakings
4,034,361
2,911,136
Other taxation and social security
10,233
25,445
Other creditors
10,546
11,500
4,105,140
2,998,081
Bank borrowings are secured by a first legal charge over the assets of the company.
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,182,350
1,243,573
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
900,000
950,000
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
12
Events after the reporting date
Subsequent to the balance sheet date, a new holding company, Margerison Holdings Limited, was created and the company disposed of its two subsidiary companies.
13
Directors' transactions
During the year the company operated a joint loan account with the directors. At the balance sheet date the company was owed £1,351,004 (2022 - £284,073). Interest at 2% has been charged on the outstanding amount and the maximum outstanding balance during the year was £1,351,004.