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Company registration number: 10456899
Marcote Holdings Limited
Unaudited filleted financial statements
31 January 2024
Marcote Holdings Limited
Contents
Statement of financial position
Notes to the financial statements
Marcote Holdings Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 586,944 608,664
Investments 6 100 100
_______ _______
587,044 608,764
Current assets
Debtors 7 215,761 213,272
Cash at bank and in hand 528,818 444,217
_______ _______
744,579 657,489
Creditors: amounts falling due
within one year 8 ( 24,668) ( 23,255)
_______ _______
Net current assets 719,911 634,234
_______ _______
Total assets less current liabilities 1,306,955 1,242,998
Creditors: amounts falling due
after more than one year 9 ( 169,186) ( 265,535)
Provisions for liabilities ( 23,386) ( 27,513)
_______ _______
Net assets 1,114,383 949,950
_______ _______
Capital and reserves
Called up share capital 10 100 100
Capital redemption reserve 10 10
Profit and loss account 1,114,273 949,840
_______ _______
Shareholders funds 1,114,383 949,950
_______ _______
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: 10456899
Marcote Holdings 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, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
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 - Not depreciated
Fittings fixtures and equipment - 15 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2023 and 31 January 2024 463,859 226,097 689,956
_______ _______ _______
Depreciation
At 1 February 2023 - 81,292 81,292
Charge for the year - 21,720 21,720
_______ _______ _______
At 31 January 2024 - 103,012 103,012
_______ _______ _______
Carrying amount
At 31 January 2024 463,859 123,085 586,944
_______ _______ _______
At 31 January 2023 463,859 144,805 608,664
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2023 and 31 January 2024 100 100
_______ _______
Impairment
At 1 February 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 100 100
_______ _______
At 31 January 2023 100 100
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 215,661 213,172
Other debtors 100 100
_______ _______
215,761 213,272
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 22,137 20,362
Accruals and deferred income 1,686 1,686
Other creditors 845 1,207
_______ _______
24,668 23,255
_______ _______
The bank loan is secured on the property in the company.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 169,186 265,535
_______ _______
The bank loan is secured on the property in the company.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. 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 (UK) Limited 36,875 30,474 215,661 213,272
_______ _______ _______ _______
During the year the company charged rent to it's subsidiary, Marcote (UK) Limited. This was not conducted under normal commercial terms.