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Registered number: 13424476










MARGETTS PROPERTY LTD








UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
MARGETTS PROPERTY LTD
 

CONTENTS



Page
Director's Report
 
1
Chartered Accountants' Report
 
2
Profit and Loss Account
 
3
Balance Sheet
 
4
Notes to the Financial Statements
 
5 - 7


 
MARGETTS PROPERTY LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024

The director presents his report and the financial statements for the year ended 31 May 2024.

Principal activity

The principal activity of the company is property repairs.

Director

The director who served during the year was:

N.S. Margetts 

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





N.S. Margetts
Director

Page 1

 
MARGETTS PROPERTY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARGETTS PROPERTY LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Margetts Property Ltd for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Margetts Property Ltd in accordance with the terms of our engagement letter dated 17 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Margetts Property Ltd and state those matters that we have agreed to state to the director of Margetts Property Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Margetts Property Ltd and its director for our work or for this report. 

It is your duty to ensure that Margetts Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Margetts Property Ltd. You consider that Margetts Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Margetts Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MHA
Chartered accountants
Rutland House
148 Edmund Street
Birmingham
England
B3 2FD
2 October 2024
Page 2

 
MARGETTS PROPERTY LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

  

Turnover
  
9,750
-

Cost of sales
  
(7,355)
-

Gross profit
  
2,395
-

Administrative expenses
  
(3,160)
-

Operating loss
  
(765)
-

Interest receivable and similar income
  
72
-

Interest payable and similar expenses
  
(28)
-

Loss before tax
  
(721)
-

Loss for the financial year
  
(721)
-

The notes on pages 5 to 7 form part of these financial statements.

Page 3

 
MARGETTS PROPERTY LTD
REGISTERED NUMBER: 13424476

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
  
3,747
-

Cash at bank and in hand
  
307
1

  
4,054
1

Creditors: amounts falling due within one year
  
(4,774)
-

Net current (liabilities)/assets
  
 
 
(720)
 
 
1

Total assets less current liabilities
  
(720)
1

  

Net (liabilities)/assets
  
(720)
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(721)
-

  
(720)
1


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




N.S. Margetts
Director

The notes on pages 5 to 7 form part of these financial statements.

Page 4

 
MARGETTS PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Margetts Property Ltd (the company) is a private company, limited by shares, incorporated in England. The address of the registered office is Rutland House, 148 Edmund Street, Birmingham, England, B3 2FD. The principal activity of the company is property repairs.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

  
2.3

Going concern

The company is dependent upon the support from it's director. He has indicated that he will continue to provide the financial support to the company for the foreseeable future. Accordingly, these financial statements have been prepared on a going concern basis.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
MARGETTS PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
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

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

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.


3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Debtors

2024
2023
£
£


Trade debtors
2,500
-

Other debtors
1,247
-

3,747
-


Page 6

 
MARGETTS PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,500
-

Other creditors
774
-

Accruals and deferred income
1,500
-

4,774
-



6.


Director's benefits: advances, credit and guarantees

During the year an amount of £1,247 was loaned to a director (2023: £Nil). Repayments of £Nil (2023:
£Nil) were made. The maximum amount outstanding in the year was £1,247 (2023: £Nil). At the year
end £1,247 was outstanding (2023: £Nil). The loan was unsecured, interest free and had no fixed
repayment date.371

 
Page 7