Registered number
07136504
Marmaduke's Ltd
Filleted Accounts
31 January 2024
Marmaduke's Ltd
Registered number: 07136504
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 21,200 26,500
Tangible assets 4 161,935 162,938
183,135 189,438
Current assets
Stocks 17,628 7,713
Debtors 5 17,341 14,006
Cash at bank and in hand 25,865 6,657
60,834 28,376
Creditors: amounts falling due within one year 6 (51,401) (61,409)
Net current assets/(liabilities) 9,433 (33,033)
Total assets less current liabilities 192,568 156,405
Creditors: amounts falling due after more than one year 7 (189,248) (154,422)
Net assets 3,320 1,983
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,220 1,883
Shareholders' funds 3,320 1,983
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Whyte
Director
Approved by the board on 10 October 2024
Marmaduke's Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 60 60
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 26,500
At 31 January 2024 26,500
Amortisation
Provided during the year 5,300
At 31 January 2024 5,300
Net book value
At 31 January 2024 21,200
At 31 January 2023 26,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 83,419 183,242 17,500 284,161
Additions - 18,626 - 18,626
At 31 January 2024 83,419 201,868 17,500 302,787
Depreciation
At 1 February 2023 - 114,923 6,300 121,223
Charge for the year - 17,389 2,240 19,629
At 31 January 2024 - 132,312 8,540 140,852
Net book value
At 31 January 2024 83,419 69,556 8,960 161,935
At 31 January 2023 83,419 68,319 11,200 162,938
5 Debtors 2024 2023
£ £
Trade debtors 15,735 13,362
Other debtors 1,606 644
17,341 14,006
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,750 14,750
Taxation and social security costs (4,356) (5,159)
Other creditors 44,007 51,818
51,401 61,409
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,409 26,938
Other creditors 176,839 127,484
189,248 154,422
8 Other information
Marmaduke's Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Henry Blogg Road
Cromer
Norfolk
NR27 0JG
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