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Registered Number:07798255













MARKSHALL TRADING LIMITED




UNAUDITED

FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023











 
MARKSHALL TRADING LIMITED
REGISTERED NUMBER:07798255


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
19,433
21,441

  
19,433
21,441

Current assets
  

Stocks
 4 
18,477
20,832

Debtors: amounts falling due within one year
 5 
21,920
252,386

Cash at bank and in hand
  
10,238
26,951

  
50,635
300,169

Creditors: amounts falling due within one year
 6 
(178,006)
(371,534)

Net current liabilities
  
 
 
(127,371)
 
 
(71,365)

Total assets less current liabilities
  
(107,938)
(49,924)

Creditors: amounts falling due after more than one year
 7 
(19,167)
(27,950)

  

Net liabilities
  
(127,105)
(77,874)


Capital and reserves
  

Called up share capital 
  
7
7

Profit and loss account
  
(127,112)
(77,881)

  
(127,105)
(77,874)


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MARKSHALL TRADING LIMITED
REGISTERED NUMBER:07798255

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




M Barclay
Director

The notes on pages 4 to 10 form part of these financial statements.

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MARKSHALL TRADING LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
7
(77,881)
(77,874)


Comprehensive income for the year

Loss for the year
-
(49,231)
(49,231)


At 31 December 2023
7
(127,112)
(127,105)


The notes on pages 4 to 10 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
7
20,120
20,127


Comprehensive income for the year

Loss for the year
-
(98,001)
(98,001)


At 31 December 2022
7
(77,881)
(77,874)


The notes on pages 4 to 10 form part of these financial statements.

- 3 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Markshall Trading Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07798255. The address of it registered office is 820 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have adopted the going concern basis in preparing the financial statements on the basis that the Company is being supported by Markshall Estate. Having considered the Company’s forecasts and projections, the Board are satisfied that the Company will be able to meet its liabilities as they fall due and the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future, and for a period of at least 12 months from the date of approving these financial statements. The board have set out a recovery plan to ensure the Company becomes profitable again in the near future.


- 4 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably. 

Deferred income arises where invoices have been raised in accordance with the contracted terms, but where the turnover has not been earned.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


- 5 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line and reducing balance
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

- 6 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.9

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Payments under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


- 7 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,982
49,401
524
51,907


Additions
7,973
1,800
-
9,773



At 31 December 2023

9,955
51,201
524
61,680



Depreciation


At 1 January 2023
1,982
27,960
524
30,466


Charge for the year
541
11,240
-
11,781



At 31 December 2023

2,523
39,200
524
42,247



Net book value



At 31 December 2023
7,432
12,001
-
19,433



At 31 December 2022
-
21,441
-
21,441


- 8 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Stocks

2023
2022
£
£

Goods held for resale
18,477
20,832

18,477
20,832



5.


Debtors

2023
2022
£
£


Trade debtors
16,699
233,641

Other debtors
3,310
8,917

Prepayments and accrued income
1,911
9,828

21,920
252,386



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
28,178
25,714

Amounts owed to group undertakings
57,568
54,498

Other taxation and social security
55,440
30,840

Other creditors
608
1,947

Accruals and deferred income
26,212
248,535

178,006
371,534



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,167
27,950

19,167
27,950



- 9 -



 
MARKSHALL TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
19,167
27,950

29,167
37,950



9.


Related party transactions

The company is a wholly owned subsidiary of Markshall Estate and has taken advantage of the exemptions available in FRS 102 Section 1A in respect of the disclosure of transactions with members of the same group that are wholly owned.
The smallest group for which consolidated financial statements are prepared, which include the results of this company, is that headed by Markshall Estate, whose trading address is Markshall Estate, Coggeshall, Essex, CO6 1TG.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Timothy O'Connor (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 

- 10 -