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REGISTERED NUMBER: 05010260 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH MARCH 2024

FOR

MARCUS FREEMAN LIMITED

MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MARCUS FREEMAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH MARCH 2024







DIRECTORS: Mr M.T. Freeman
Mrs S A Freeman





SECRETARY: Mr M.T. Freeman





REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA





REGISTERED NUMBER: 05010260 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)

STATEMENT OF FINANCIAL POSITION
30TH MARCH 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 5 32,135 44,223

Current assets
Stocks 6 700,155 463,401
Debtors 7 613,754 717,654
Prepayments and accrued income 6,089 5,667
Cash at bank 221,309 708,690
1,541,307 1,895,412
Creditors
Amounts falling due within one year 8 (356,013 ) (380,407 )
Net current assets 1,185,294 1,515,005
Total assets less current liabilities 1,217,429 1,559,228

Provisions for liabilities (8,034 ) (869 )

Accruals and deferred income (5,330 ) (4,920 )
Net assets 1,204,065 1,553,439

Capital and reserves
Called up share capital 100 100
Retained earnings 1,203,965 1,553,339
Shareholders' funds 1,204,065 1,553,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd October 2024 and were signed on its behalf by:





Mr M.T. Freeman - Director


MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH MARCH 2024

1. STATUTORY INFORMATION

Marcus Freeman LImited is a private company, limited by shares, registered in England & Wales.

The company's registered number is 05010260 and the registered office address is
Newport House, Newport Road, Stafford, ST16 1DA.

The principal activity is that of car imports and exports.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling (£) which is the functional currency of the company.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and VAT.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the services have been rendered in full.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a vehicle specific basis.

MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH MARCH 2024

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 31st March 2023 4,351 42,146 6,987 53,484
Additions - - 1,197 1,197
Disposals (4,351 ) - (3,292 ) (7,643 )
At 30th March 2024 - 42,146 4,892 47,038
DEPRECIATION
At 31st March 2023 3,116 2,634 3,511 9,261
Charge for year - 9,878 463 10,341
Eliminated on disposal (3,116 ) - (1,583 ) (4,699 )
At 30th March 2024 - 12,512 2,391 14,903
NET BOOK VALUE
At 30th March 2024 - 29,634 2,501 32,135
At 30th March 2023 1,235 39,512 3,476 44,223

6. STOCKS
2024 2023
£    £   
Stocks 700,155 463,401

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 293,329 159,178
Other debtors 320,425 558,476
613,754 717,654

MARCUS FREEMAN LIMITED (REGISTERED NUMBER: 05010260)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 219,093 23,310
Taxation and social security 6,267 28,806
Other creditors 130,653 328,291
356,013 380,407