Company Registration No. 06242312 (England and Wales)
Market Landing Limited
Unaudited accounts
for the year ended 31 March 2024
Market Landing Limited
Unaudited accounts
Contents
Market Landing Limited
Company Information
for the year ended 31 March 2024
Directors
Arabella Pritchard-Barrett
James Pritchard-Barrett
Secretary
Arabella Pritchard-Barrett
Company Number
06242312 (England and Wales)
Registered Office
Office 2 & 3 Chene Court
Poundwell Street
Modbury, Ivybridge
Devon
PL21 0QJ
England
Accountants
Swift Accounting
Lower Barton
Lamerton
Tavistock
Devon
PL19 8RR
Market Landing Limited
Statement of financial position
as at 31 March 2024
Tangible assets
1,908
4,047
Cash at bank and in hand
164
8
Creditors: amounts falling due within one year
(40,226)
(36,789)
Net current liabilities
(14,874)
(12,610)
Total assets less current liabilities
(12,966)
(8,563)
Creditors: amounts falling due after more than one year
(11,083)
(18,083)
Net liabilities
(24,049)
(26,646)
Called up share capital
102
102
Profit and loss account
(24,151)
(26,748)
Shareholders' funds
(24,049)
(26,646)
For the year ending 31 March 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by
James Pritchard-Barrett
Director
Company Registration No. 06242312
Market Landing Limited
Notes to the Accounts
for the year ended 31 March 2024
Market Landing Limited is a private company, limited by shares, registered in England and Wales, registration number 06242312. The registered office is Office 2 & 3 Chene Court, Poundwell Street, Modbury, Ivybridge, Devon, PL21 0QJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 years straight line
Motor vehicles
4 years straight line
Computer equipment
4 years straight line
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.
Market Landing Limited
Notes to the Accounts
for the year ended 31 March 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Classification
The company holds the following financial instruments:
- Short term trade and other debtors and creditors
- Cash and bank balances
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment
adjustments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
2,000
20,589
30,966
53,555
At 31 March 2024
2,000
20,589
30,966
53,555
At 1 April 2023
2,000
20,589
26,919
49,508
Charge for the year
-
-
2,139
2,139
At 31 March 2024
2,000
20,589
29,058
51,647
At 31 March 2024
-
-
1,908
1,908
At 31 March 2023
-
-
4,047
4,047
Market Landing Limited
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
15,874
15,689
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,000
7,623
Trade creditors
12,079
10,534
Taxes and social security
644
-
Loans from directors
15,977
9,315
7
Creditors: amounts falling due after more than one year
2024
2023
8
Transactions with related parties
The company owed the directors £15,977 (2023 - £9,315) at the year end. There are no set repayment terms.
9
Average number of employees
During the year the average number of employees was 6 (2023: 7).