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Registration number: 01208671

Market Square Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Market Square Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Market Square Limited

Company Information

Directors

Mr B Hallett

Mrs A M Hallett

Mr J W Hallett

Mr T K Hallett

Mr S J Hallett

Company secretary

Mrs A M Hallett

Registered office

Ferry Cottage
Passage Road
Noss Mayo
Plymouth
Devon
PL8 1EU

Accountants

Carter Nicholls Ltd
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Market Square Limited

(Registration number: 01208671)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,329,964

1,389,941

Investment property

5

1,581,455

1,581,940

 

2,911,419

2,971,881

Current assets

 

Stocks

7

592,015

1,218,146

Debtors

8

1,457,050

1,194,016

Cash at bank and in hand

 

56,551

110,214

 

2,105,616

2,522,376

Creditors: Amounts falling due within one year

9

(251,553)

(49,472)

Net current assets

 

1,854,063

2,472,904

Total assets less current liabilities

 

4,765,482

5,444,785

Creditors: Amounts falling due after more than one year

9

(730,974)

(1,372,130)

Net assets

 

4,034,508

4,072,655

Capital and reserves

 

Called up share capital

10

250

250

Retained earnings

4,034,258

4,072,405

Shareholders' funds

 

4,034,508

4,072,655

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.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

Market Square Limited

(Registration number: 01208671)
Balance Sheet as at 31 December 2023

.........................................
Mr B Hallett
Director

 

Market Square 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.

The address of its registered office is:
Ferry Cottage
Passage Road
Noss Mayo
Plymouth
Devon
PL8 1EU
United Kingdom

These financial statements were authorised for issue by the Board on 26 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

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.

 

Market Square Limited

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

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

Plant

25% reducing balance

Integral assets

25% reducing balance

Office Equipment

25% reducing balance

Furniture, fiitings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Market Square Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Market Square Limited

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

4

Tangible assets

Land and buildings
£

Integral assets and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,389,084

64,441

77,268

1,530,793

Additions

-

1,689

-

1,689

Disposals

(94,120)

-

-

(94,120)

At 31 December 2023

1,294,964

66,130

77,268

1,438,362

Depreciation

At 1 January 2023

44,120

43,912

52,820

140,852

Charge for the year

-

5,554

6,112

11,666

Eliminated on disposal

(44,120)

-

-

(44,120)

At 31 December 2023

-

49,466

58,932

108,398

Carrying amount

At 31 December 2023

1,294,964

16,664

18,336

1,329,964

At 31 December 2022

1,344,964

20,529

24,448

1,389,941

Included within the net book value of land and buildings above is £1,294,964 (2022 - £1,344,964) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Investment properties

2023
£

At 1 January

1,616,723

Depreciation of integral plant brought forward

(34,783)

Depreciation of integral plant for the year

(485)

At 31 December

1,581,455

The fair value of the investment properties were determined at 31 December 2023 by B Hallett, a chartered surveyor and managing director who is internal to the company. The fair values of the properties were assessed on an open market value basis.

Investment properties have been restated to include the value of integral plant.





There has been no valuation of investment property by an independent valuer.

 

Market Square Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

-

-

-

Subsidiaries

£

Cost or valuation

At 1 January 2023

47,599

Provision

At 1 January 2023

47,599

Carrying amount

At 31 December 2023

-

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

Market Square Trading Limited

Ferry Cottage, Noss Mayo, Plymouth, PL8 1EU

England

ordinary

75%

75%

Subsidiary undertakings

Market Square Trading Limited

The principal activity of Market Square Trading Limited is hospitality.

7

Stocks

2023
£

2022
£

Other inventories

592,015

1,218,146

 

Market Square Limited

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

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

37,800

33,514

Amounts owed by related parties

12

1,410,000

1,150,000

Prepayments

 

297

10,056

Other debtors

 

8,953

446

   

1,457,050

1,194,016

Details of non-current trade and other debtors

£1,410,000 (2022 -£1,150,000) of Market Square Trading Limited is classified as non current. The company has provided loans to Market Square Trading Limited. £1,410,000 is anticipated to be recoverable after more than one year.

 

Market Square Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

205,600

-

Trade creditors

 

4,299

5,822

Taxation and social security

 

2,744

2,225

Accruals and deferred income

 

39,313

41,402

Other creditors

 

(403)

23

 

251,553

49,472

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

730,974

1,372,130

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

250

250

250

250

       

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

30,974

442,130

Directors loan

700,000

930,000

730,974

1,372,130

Current loans and borrowings

2023
£

2022
£

Bank borrowings

205,600

-

 

Market Square Limited

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

12

Related party transactions

As at 31.12.2023 the company owed £460,000 to AM Hallett (31.12.2022 - £600,000) This is shown in creditors due in after 1 year

As at 31.12.2023 the company owed £240,000 to B Hallett (31.12.2022 - £330,000) This is shown in creditors due within 1 year

As at 31.12.2023 the company was owed £1,320,000 (31.12.2022 £1,060,000) by Market Square Trading Limited. This is shown in debtors due after more than 1 year

As at 31.12.2023 the company was owed £90,000 (31.12.2022 - £90,000) by Market Square Trading Limited. This is shown in debtors due after more than 1 year

 

Market Square Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

34,593

24,860

13

Parent and ultimate parent undertaking

The company's immediate parent is Market Square Investments Limited, incorporated in England.