Company registration number 02013380 (England and Wales)
MARYLAND SECURITIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MARYLAND SECURITIES LIMITED
CONTENTS
Page
Group statement of comprehensive income
1
Group balance sheet
2 - 3
Company balance sheet
4 - 5
Group statement of changes in equity
6
Company statement of changes in equity
7
Notes to the financial statements
8 - 19
MARYLAND SECURITIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
2023
2022
£
£
Profit for the year
1,186,395
901,892
Other comprehensive income
-
-
Total comprehensive income for the year
1,186,395
901,892
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARYLAND SECURITIES LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
701,131
1,301,338
Investment property
7
2,600,000
4,189,997
3,301,131
5,491,335
Current assets
Stocks
10
1,445,556
3,883,913
Debtors
11
9,288,726
8,811,485
Investments
12
257,509
257,509
Cash at bank and in hand
7,761,436
2,619,881
18,753,227
15,572,788
Creditors: amounts falling due within one year
13
(2,249,941)
(1,445,380)
Net current assets
16,503,286
14,127,408
Total assets less current liabilities
19,804,417
19,618,743
Creditors: amounts falling due after more than one year
14
(20,446)
(1,006,654)
Provisions for liabilities
Deferred tax liability
17
180,412
194,925
(180,412)
(194,925)
Net assets
19,603,559
18,417,164
Capital and reserves
Called up share capital
19
64,253
64,253
Revaluation reserve
967,053
976,174
Capital redemption reserve
35,750
35,750
Other reserves
(515,538)
(287,327)
Profit and loss reserves
19,052,041
17,628,314
Total equity
19,603,559
18,417,164

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 September 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

MARYLAND SECURITIES LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
10 September 2024
J Jebreel
Director
Company registration number 02013380 (England and Wales)
MARYLAND SECURITIES LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
15,552
303,653
Investment property
7
2,000,000
3,589,997
Investments
8
4
450,004
2,015,556
4,343,654
Current assets
Stocks
10
393,672
393,672
Debtors falling due after more than one year
11
-
0
78,400
Debtors falling due within one year
11
11,505,549
12,196,022
Investments
12
257,509
257,509
Cash at bank and in hand
7,761,436
2,619,881
19,918,166
15,545,484
Creditors: amounts falling due within one year
13
(8,707,292)
(5,821,265)
Net current assets
11,210,874
9,724,219
Total assets less current liabilities
13,226,430
14,067,873
Creditors: amounts falling due after more than one year
14
(20,446)
(1,006,654)
Provisions for liabilities
Deferred tax liability
17
119,297
112,174
(119,297)
(112,174)
Net assets
13,086,687
12,949,045
Capital and reserves
Called up share capital
19
64,253
64,253
Revaluation reserve
578,619
587,740
Capital redemption reserve
35,750
35,750
Profit and loss reserves
12,408,065
12,261,302
Total equity
13,086,687
12,949,045

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £137,642 (2022 - £628,121 profit).

For the financial year ended 30 September 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.

MARYLAND SECURITIES LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 5 -

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
10 September 2024
J Jebreel
Director
Company registration number 02013380 (England and Wales)
MARYLAND SECURITIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2021
64,253
1,262,972
35,750
1,674,563
16,428,570
19,466,108
Year ended 30 September 2022:
Profit and total comprehensive income
-
-
-
-
901,892
901,892
Dividends
5
-
-
-
-
(1,950,834)
(1,950,834)
Transfers
-
-
-
-
2,236,626
2,236,626
Depreciation adjustment
-
(12,060)
-
-
12,060
-
Transfer on sale of properties
-
(274,738)
-
-
-
(274,738)
Other movements
-
-
(1,961,890)
(1,961,890)
Balance at 30 September 2022
64,253
976,174
35,750
(287,327)
17,628,314
18,417,164
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
-
1,186,395
1,186,395
Transfers
-
-
-
-
237,332
237,332
Other movements
-
(9,121)
-
(228,211)
-
(237,332)
Balance at 30 September 2023
64,253
967,053
35,750
(515,538)
19,052,041
19,603,559
MARYLAND SECURITIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2021
64,253
862,473
35,750
1,939,676
11,369,606
14,271,758
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
-
-
628,121
628,121
Dividends
5
-
-
-
-
(1,950,834)
(1,950,834)
Transfers
-
-
-
-
2,214,409
2,214,409
Other movements
-
(274,733)
-
(1,939,676)
-
(2,214,409)
Balance at 30 September 2022
64,253
587,740
35,750
-
12,261,302
12,949,045
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
-
137,642
137,642
Transfers
-
-
-
-
9,121
9,121
Other movements
-
(9,121)
-
-
-
(9,121)
Balance at 30 September 2023
64,253
578,619
35,750
-
12,408,065
13,086,687
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
1
Accounting policies
Company information

Maryland Securities Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ashfield House, Ashfield Road, Cheadle, Cheshire, SK8 1BB.

 

The group consists of Maryland Securities Limited and all of its subsidiaries.

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Maryland Securities Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents the total invoice value of rents receivable, service and management fees arising during the year from the group’s investment property portfolio, excluding value added tax.

1.6
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:

Land and buldings short leasehold
Straight line over the life of the lease
Fixtures, fittings and equipment
10% per annum 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 recognised in the profit and loss account.

1.7
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.

1.8
Fixed asset investments

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.10
Stocks

Stock consists of properties held for resale. They are valued at the lower of cost and net realisable value. Costs comprise purchase price to acquire the properties. Net realisable value is based upon estimated selling price less further costs expected to be incurred to disposal.

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.

1.11
Cash and cash equivalents

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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

 

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.13
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 group’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 if, and only if, there is 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.

1.14
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.

 

 

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

The group has entered into a number of sale and leaseback agreements.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. Assets held under finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. The related liability is included in the balance sheet as a financial lease obligation. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.17
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
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
7
10
7
10
4
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
240,000
240,000
5
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
-
1,950,834
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
6
Tangible fixed assets
Group
Land and buldings short leasehold
Fixtures, fittings and equipment
Ground Rents
Total
£
£
£
£
Cost
At 1 October 2022
770,289
219,992
695,797
1,686,078
Disposals
(456,354)
-
0
(312,104)
(768,458)
At 30 September 2023
313,935
219,992
383,693
917,620
Depreciation and impairment
At 1 October 2022
170,307
214,433
-
0
384,740
Depreciation charged in the year
888
2,056
-
0
2,944
Eliminated in respect of disposals
(171,195)
-
0
-
0
(171,195)
At 30 September 2023
-
0
216,489
-
0
216,489
Carrying amount
At 30 September 2023
313,935
3,503
383,693
701,131
At 30 September 2022
599,982
5,559
695,797
1,301,338
Company
Land and buldings short leasehold
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 October 2022
456,354
218,805
675,159
Disposals
(456,354)
-
0
(456,354)
At 30 September 2023
-
0
218,805
218,805
Depreciation and impairment
At 1 October 2022
170,307
201,199
371,506
Depreciation charged in the year
888
2,054
2,942
Eliminated in respect of disposals
(171,195)
-
0
(171,195)
At 30 September 2023
-
0
203,253
203,253
Carrying amount
At 30 September 2023
-
0
15,552
15,552
At 30 September 2022
286,047
17,606
303,653
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
7
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 October 2022
4,189,997
3,589,997
Disposals
(1,589,997)
(1,589,997)
At 30 September 2023
2,600,000
2,000,000

The investment properties are carried at their open market value and are assessed annually by the directors. None of the directors are qualified valuers; however they do have many years of experience in the property sector and have based their assessment on a number of professional valuations that have been undertaken recently.

 

8
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
9
-
0
-
0
4
450,004
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
450,004
Disposals
(450,000)
At 30 September 2023
4
Carrying amount
At 30 September 2023
4
At 30 September 2022
450,004
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
9
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are set out below.

Capital and Reserves
Profit/(Loss)
£
£
Ever 1172 Limited
2,113,919
8,454
Leslie Fink Limited
4,346,378
250,311
Trownbay Property Company Limited
1,692,762
11,151
Spencer Ashcroft Investments Limited
768,900
15,270
Maryland Securities Investments Limited
42,319
42,490

The Group holds 100% of the share capital in each subsidiary, all of which are incorporated in England & Wales.

 

Leslie Fink Limited, Trownbay Property Company Limited and Spencer Ashcroft Investments Limited are all wholly owned subsidiaries of Ever 1172 Limited.

 

All group undertakings are included in these consolidated accounts. All group undertakings have a registered office of Ashfield House, Ashfield Road, Cheadle, Cheshire SK8 1BB.

10
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Properties held for resale
1,445,556
3,883,913
393,672
393,672
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
11
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
142,215
678,430
138,523
610,029
Amounts owed by group undertakings
1,252,712
1,276,157
3,473,232
7,476,239
Other debtors
7,857,151
4,474,499
7,857,151
4,041,048
Prepayments and accrued income
36,648
416,499
36,643
68,706
9,288,726
6,845,585
11,505,549
12,196,022
Amounts falling due after more than one year:
Amount owed by related parties
-
0
1,965,900
-
0
78,400
Total debtors
9,288,726
8,811,485
11,505,549
12,274,422
12
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
257,509
257,509
257,509
257,509
13
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
15
785,488
192,984
785,488
192,984
Obligations under finance leases
16
-
0
13,216
-
0
13,216
Trade creditors
179,086
89,501
176,462
78,394
Amounts owed to group undertakings
194,282
180,918
6,749,426
4,816,199
Corporation tax payable
904,689
507,154
830,666
293,545
Other taxation and social security
17,946
116,850
15,196
111,218
Other creditors
20,112
130,523
20,112
128,632
Accruals and deferred income
148,338
214,233
129,942
187,077
2,249,941
1,445,379
8,707,292
5,821,265
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
14
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
15
20,446
875,303
20,446
875,302
Obligations under finance leases
16
-
0
131,352
-
0
131,352
20,446
1,006,655
20,446
1,006,654
15
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
805,934
1,068,286
805,934
1,068,286
Payable within one year
785,488
192,984
785,488
192,984
Payable after one year
20,446
875,302
20,446
875,302

The loans are secured by way of fixed and floating charges over the assets of the company. The interest rates on the loans are set at commercial rates.

 

16
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
13,216
-
13,216
In two to five years
-
0
52,863
-
52,863
In over five years
-
0
78,489
-
78,489
-
144,568
-
144,568

 

MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Revaluation of investment properties
180,412
194,925
Liabilities
Liabilities
2023
2022
Company
£
£
Revaluation of investment properties
119,297
112,174
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
194,925
112,174
Release on disposal
(14,513)
7,123
Liability at 30 September 2023
180,412
119,297

 

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,121
4,411

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
63,878 Ordinary shares of £1 each
63,878
63,878
63,878
63,878
375 Ordinary 'A' shares of £1 each
375
375
375
375
64,253
64,253
64,253
64,253
MARYLAND SECURITIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
19
Share capital
(Continued)
- 19 -

The ‘A’ ordinary shares do not carry voting rights, but rank pari passu with the existing ordinary shares as regards dividend and capital distributions.

20
Controlling party

Maryland Securities Limited is wholly owned by Maryland Securities Group Limited, a company incorporated under the Isle of Man Companies Act 2006. On 28th April 2023 the ultimate controlling party became Maryland Securities Group Ltd, a company incorporated in England and Wales.

 

Maryland Securities Group Limited is the ultimate parent company of the group and is wholly owned and controlled by the Jebreel family. No one family member individually has a controlling interest in the company.

21
Directors' transactions

As at the year end the directors owed the company £4,516,326 (2022 - £2,443,732) with the amount included within other debtors and repayable on demand.

2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr E JebreelMr D JebreelMr J Jebreelfalsefalse02013380bus:Consolidated2022-10-012023-09-30020133802022-10-012023-09-3002013380bus:Consolidated2021-10-012022-09-30020133802021-10-012022-09-3002013380bus:Consolidated2023-09-30020133802023-09-3002013380bus:Consolidated2022-09-30020133802022-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3002013380core:FurnitureFittingsbus:Consolidated2023-09-3002013380core:ComputerEquipmentbus:Consolidated2023-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-09-3002013380core:FurnitureFittingsbus:Consolidated2022-09-3002013380core:ComputerEquipmentbus:Consolidated2022-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3002013380core:FurnitureFittings2023-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-09-3002013380core:FurnitureFittings2022-09-3002013380core:ShareCapitalbus:Consolidated2023-09-3002013380core:ShareCapitalbus:Consolidated2022-09-3002013380core:RevaluationReservebus:Consolidated2023-09-3002013380core:RevaluationReservebus:Consolidated2022-09-3002013380core:CapitalRedemptionReservebus:Consolidated2023-09-3002013380core:CapitalRedemptionReservebus:Consolidated2022-09-3002013380core:OtherMiscellaneousReservebus:Consolidated2023-09-3002013380core:OtherMiscellaneousReservebus:Consolidated2022-09-3002013380core:ShareCapital2023-09-3002013380core:ShareCapital2022-09-3002013380core:RevaluationReserve2023-09-3002013380core:RevaluationReserve2022-09-3002013380core:CapitalRedemptionReserve2023-09-3002013380core:CapitalRedemptionReserve2022-09-3002013380core:RetainedEarningsAccumulatedLosses2023-09-3002013380core:ShareCapitalbus:Consolidated2021-09-3002013380core:CapitalRedemptionReservebus:Consolidated2021-09-3002013380core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3002013380core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3002013380core:ShareCapital2021-09-3002013380core:RevaluationReserve2021-09-3002013380core:CapitalRedemptionReserve2021-09-3002013380core:RetainedEarningsAccumulatedLosses2021-09-3002013380core:RetainedEarningsAccumulatedLosses2022-09-3002013380bus:Director32022-10-012023-09-3002013380core:Non-currentFinancialInstruments2023-09-3002013380core:Non-currentFinancialInstruments2022-09-3002013380core:LandBuildingscore:LongLeaseholdAssets2022-10-012023-09-3002013380core:FurnitureFittings2022-10-012023-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-09-3002013380core:FurnitureFittingsbus:Consolidated2022-09-3002013380core:ComputerEquipmentbus:Consolidated2022-09-3002013380bus:Consolidated2022-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-09-3002013380core:FurnitureFittings2022-09-30020133802022-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-10-012023-09-3002013380core:FurnitureFittingsbus:Consolidated2022-10-012023-09-3002013380core:ComputerEquipmentbus:Consolidated2022-10-012023-09-3002013380core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-10-012023-09-3002013380core:Subsidiary12022-10-012023-09-3002013380core:Subsidiary22022-10-012023-09-3002013380core:Subsidiary32022-10-012023-09-3002013380core:Subsidiary42022-10-012023-09-3002013380core:Subsidiary52022-10-012023-09-3002013380core:Subsidiary12023-09-3002013380core:Subsidiary22023-09-3002013380core:Subsidiary32023-09-3002013380core:Subsidiary42023-09-3002013380core:Subsidiary52023-09-3002013380core:CurrentFinancialInstruments2023-09-3002013380core:CurrentFinancialInstruments2022-09-3002013380core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3002013380core:CurrentFinancialInstrumentsbus:Consolidated2022-09-3002013380core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3002013380core:Non-currentFinancialInstrumentsbus:Consolidated2022-09-3002013380core:WithinOneYearbus:Consolidated2023-09-3002013380core:WithinOneYearbus:Consolidated2022-09-3002013380core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3002013380core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3002013380core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3002013380core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3002013380core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3002013380core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3002013380core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-09-3002013380core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-09-3002013380core:BetweenTwoFiveYearsbus:Consolidated2023-09-3002013380core:BetweenTwoFiveYearsbus:Consolidated2022-09-3002013380core:MoreThanFiveYearsbus:Consolidated2023-09-3002013380core:MoreThanFiveYearsbus:Consolidated2022-09-3002013380bus:PrivateLimitedCompanyLtd2022-10-012023-09-3002013380bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3002013380bus:FRS1022022-10-012023-09-3002013380bus:AuditExemptWithAccountantsReport2022-10-012023-09-3002013380bus:ConsolidatedGroupCompanyAccounts2022-10-012023-09-3002013380bus:Director12022-10-012023-09-3002013380bus:Director22022-10-012023-09-3002013380bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP