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Registered number: 11221670
Marchi Developments Limited
Financial Statements
For The Year Ended 28 February 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11221670
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,405 5,873
4,405 5,873
CURRENT ASSETS
Stocks 5 920,271 387,102
Debtors 6 16,243 17,674
Investments 7 - 100
Cash at bank and in hand 9,512 11,905
946,026 416,781
Creditors: Amounts Falling Due Within One Year 8 (1,405,495 ) (870,775 )
NET CURRENT ASSETS (LIABILITIES) (459,469 ) (453,994 )
TOTAL ASSETS LESS CURRENT LIABILITIES (455,064 ) (448,121 )
NET LIABILITIES (455,064 ) (448,121 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (455,164 ) (448,221 )
SHAREHOLDERS' FUNDS (455,064) (448,121)
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Browning
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Marchi Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11221670 . The registered office is Cumberland House, 24-28 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
As at the balance sheet date the company had a net deficiency of assets. The Directors are aware of this position and is as a result of all costs being held within work in progress. Properties were sold after the year end which has expected to generate income resulting in future profits. The financial statements have therefore been prepared on the going concern basis.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 March 2023 24,750
As at 28 February 2024 24,750
Depreciation
As at 1 March 2023 18,877
Provided during the period 1,468
As at 28 February 2024 20,345
Net Book Value
As at 28 February 2024 4,405
As at 1 March 2023 5,873
5. Stocks
2024 2023
£ £
Work in progress 920,271 387,102
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 8,491 7,190
Other debtors 7,752 10,484
16,243 17,674
7. Current Asset Investments
2024 2023
£ £
Unlisted investments - 100
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,046 -
Bank loans and overdrafts 1,216,427 671,581
Other taxes and social security 11,983 2,350
Other creditors 14,950 1,420
Directors' loan accounts 160,089 195,424
1,405,495 870,775
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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