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Registration number: 13248419

Marlian Leisure Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Marlian Leisure Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Marlian Leisure Limited

Company Information

Director

Miss Jayne Longrigg

Registered office

Kilminorth Cottages
Muchlarnick
Looe
Cornwall
PL13 2NE

Bankers

HSBC
Forder House
20 William Prance Road
Plymouth
Devon
PL6 5WR

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Marlian Leisure Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Marlian Leisure Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Marlian Leisure Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Marlian Leisure Limited and state those matters that we have agreed to state to the Board of Directors of Marlian Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marlian Leisure Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Marlian Leisure Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Marlian Leisure Limited. You consider that Marlian Leisure Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Marlian Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

25 September 2024

 

Marlian Leisure Limited

(Registration number: 13248419)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,470,723

2,396,420

Investments

5

1

1

 

2,470,724

2,396,421

Current assets

 

Stocks

6

415

178

Debtors

7

98,307

39,045

Cash at bank and in hand

 

25,411

106,242

 

124,133

145,465

Creditors: Amounts falling due within one year

8

(132,266)

(88,798)

Net current (liabilities)/assets

 

(8,133)

56,667

Total assets less current liabilities

 

2,462,591

2,453,088

Provisions for liabilities

(33,641)

(26,488)

Net assets

 

2,428,950

2,426,600

Capital and reserves

 

Called up share capital

2,290,000

2,290,000

Retained earnings

138,950

136,600

Shareholders' funds

 

2,428,950

2,426,600

 

Marlian Leisure Limited

(Registration number: 13248419)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 September 2024
 

.........................................

Miss Jayne Longrigg

Director

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kilminorth Cottages
Muchlarnick
Looe
Cornwall
PL13 2NE

These financial statements were authorised for issue by the director on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Adjusting events after the financial period

The company has made a claim on its business interuption insurance for loss of income during the covid lockdowns. The claim has been sucessful post year end and an amount of £49,750 has been included as income in these accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fixtures

10% reducing balance

Motor vehicles

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 8).

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

2,298,661

33,291

67,118

4,933

2,404,003

Additions

35,270

44,462

-

13,635

93,367

At 31 December 2023

2,333,931

77,753

67,118

18,568

2,497,370

Depreciation

At 1 January 2023

-

2,948

3,772

863

7,583

Charge for the year

-

6,530

9,502

3,032

19,064

At 31 December 2023

-

9,478

13,274

3,895

26,647

Carrying amount

At 31 December 2023

2,333,931

68,275

53,844

14,673

2,470,723

At 31 December 2022

2,298,661

30,343

63,346

4,070

2,396,420

Included within the net book value of land and buildings above is £2,333,931 (2022 - £2,298,661) in respect of freehold land and buildings.
 

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Kilminorth Cottage and Venue Limited

Kilminorth Cottages, Muchlarnick, Looe, PL13 2NE

Ordinary

100%

100%

6

Stocks

2023
£

2022
£

Other inventories

415

178

 

Marlian Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

2,315

-

Prepayments

5,075

-

Other debtors

90,917

39,045

98,307

39,045

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,741

15,007

Taxation and social security

15,128

32,884

Accruals and deferred income

108,773

40,715

Other creditors

1,624

192

132,266

88,798

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

6,822

Other transactions with the director

During the period the company advanced funds totaling £29,614 (2022 £61,466) to a director. Dividends of £32,500 (2022 £32,000) were credited to the director and funds of £814 (2022 £580) were introduced. The loan is unsecured and interest of £820 (2022 £756) was charged in the year. At the period end the amount owed to the company was £29,346 (2022 £32,226).