Company registration number 11522918 (England and Wales)
MARK RUSS TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MARK RUSS TRADING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARK RUSS TRADING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
207,787
228,565
Tangible assets
4
661,666
666,534
869,453
895,099
Current assets
Stocks
20,000
15,000
Debtors
5
44,904
12,021
Cash at bank and in hand
54,188
51,113
119,092
78,134
Creditors: amounts falling due within one year
6
(229,203)
(261,066)
Net current liabilities
(110,111)
(182,932)
Total assets less current liabilities
759,342
712,167
Creditors: amounts falling due after more than one year
7
(540,239)
(617,845)
Provisions for liabilities
(36,086)
(34,927)
Net assets
183,017
59,395
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
182,917
59,295
Total equity
183,017
59,395

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MARK RUSS TRADING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 October 2024
Mr M D Russ
Director
Company registration number 11522918 (England and Wales)
MARK RUSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Mark Russ Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 15 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
straight line basis over 50 years on buildings
Plant and equipment
25% on the written down value
Fixtures and fittings
25% on the written down value
Computers
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MARK RUSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
10
MARK RUSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
311,677
Amortisation and impairment
At 1 April 2023
83,112
Amortisation charged for the year
20,778
At 31 March 2024
103,890
Carrying amount
At 31 March 2024
207,787
At 31 March 2023
228,565
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
608,019
223,164
831,183
Additions
-
0
35,206
35,206
At 31 March 2024
608,019
258,370
866,389
Depreciation and impairment
At 1 April 2023
41,254
123,395
164,649
Depreciation charged in the year
10,374
29,700
40,074
At 31 March 2024
51,628
153,095
204,723
Carrying amount
At 31 March 2024
556,391
105,275
661,666
At 31 March 2023
566,765
99,769
666,534
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,704
6,485
Other debtors
39,200
5,536
44,904
12,021
MARK RUSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
48,773
49,006
Trade creditors
68,899
14,876
Taxation and social security
76,139
35,243
Other creditors
35,392
161,941
229,203
261,066

Included within other creditors is £29,238 (2023: £41,633) of hire purchase agreements that are secured against the assets to which they relate.

 

Included within bank loans is £48,773 (2023: £49,006) of mortgage secured against the asset to which it relates.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
527,422
575,962
Other creditors
12,817
41,883
540,239
617,845

Included within other creditors is £12,817 (2023: £41,883) of hire purchase agreements that are secured against the assets to which they relate.

 

Included within bank loans and overdrafts is £527,421 (2023: £575,962) of mortgage secured against the asset to which it relates.

 

 

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
388,995
416,602
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1,080
1,824
MARK RUSS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.25
(114,290)
181,508
161
(56,766)
10,613
(114,290)
181,508
161
(56,766)
10,613

The aforementioned loan was unsecured and repayable on demand.

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