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Company registration number: 04334738
Marcote (UK) Limited
Unaudited filleted financial statements
31 January 2024
Marcote (UK) Limited
Contents
Statement of financial position
Notes to the financial statements
Marcote (UK) Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 417,020 228,082
_______ _______
417,020 228,082
Current assets
Stocks 30,000 30,000
Debtors 6 251,946 247,443
Cash at bank and in hand 99,585 177,813
_______ _______
381,531 455,256
Creditors: amounts falling due
within one year 7 ( 463,823) ( 454,638)
_______ _______
Net current (liabilities)/assets ( 82,292) 618
_______ _______
Total assets less current liabilities 334,728 228,700
Provisions for liabilities ( 71,937) ( 31,117)
_______ _______
Net assets 262,791 197,583
_______ _______
Capital and reserves
Called up share capital 8 110 110
Capital redemption reserve 49 49
Profit and loss account 262,632 197,424
_______ _______
Shareholders funds 262,791 197,583
_______ _______
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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2024 , and are signed on behalf of the board by:
Mr S D Woodcock
Director
Company registration number: 04334738
Marcote (UK) Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, B16 9HN. The business address is Conduit Road, Norton Canes, Cannock, WS11 9TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % straight line
Structures and buildings - 3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 12 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2023 65,871 426,416 10,038 44,895 547,220
Additions - 164,958 6,753 69,457 241,168
_______ _______ _______ _______ _______
At 31 January 2024 65,871 591,374 16,791 114,352 788,388
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 12,294 293,900 1,586 11,358 319,138
Charge for the year 2,618 36,457 2,959 10,196 52,230
_______ _______ _______ _______ _______
At 31 January 2024 14,912 330,357 4,545 21,554 371,368
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 50,959 261,017 12,246 92,798 417,020
_______ _______ _______ _______ _______
At 31 January 2023 53,577 132,516 8,452 33,537 228,082
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 238,626 237,979
Prepayments and accrued income 13,320 9,464
_______ _______
251,946 247,443
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 102,198 126,659
Amounts owed to group undertakings and undertakings 215,661 213,172
Accruals and deferred income 650 650
Corporation tax 72,159 59,384
Social security and other taxes 69,964 53,162
Other creditors 3,191 1,611
_______ _______
463,823 454,638
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
A Ordinary shares of £ 1.00 each 100 100 100 100
B Ordinary (non-voting) shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
110 110 110 110
_______ _______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Marcote Holdings Limited 36,875 30,474 ( 215,661) ( 213,172)
_______ _______ _______ _______
During the year the company incurred rent charges payable to it's parent company, Marcote Holdings Limited.
10. Ultimate parent company
The company is a wholly owned subsidiary of Marcote Holdings Limited, a company incorporated in England and Wales. The registered office address of Marcote Holdings Limited is 13 Portland Road, Edgbaston, Birmingham, B16 9HN.