Company Registration No. 13202508 (England and Wales)
MARYWHARF LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
MARYWHARF LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MARYWHARF LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
707
Investment property
4
1,100,000
1,000,000
1,100,707
1,000,000
Current assets
Debtors
5
1,256
Cash at bank and in hand
34,422
20,870
35,678
20,870
Creditors: amounts falling due within one year
6
(96,424)
(91,151)
Net current liabilities
(60,746)
(70,281)
Total assets less current liabilities
1,039,961
929,719
Creditors: amounts falling due after more than one year
7
(700,000)
(700,000)
Provisions for liabilities
(75,071)
(49,939)
Net assets
264,890
179,780
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
224,817
149,817
Profit and loss reserves
39,073
28,963
Total equity
264,890
179,780
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period 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.
MARYWHARF LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr R J Farah
Mrs R M Farah
Director
Director
Company registration number 13202508 (England and Wales)
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Marywharf Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 St. Stephen Martyr, 2 St. Stephen's Road, Bournemouth, BH2 6LB.
1.1
Reporting period
The accounting period has been extended to cover a 13 month period to 31 March 2024. This is to align the accounting reference date with a related company. As such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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, modified to include the revaluation of investment properties at fair value.
1.3
Going concern
At the balance sheet date the company has net current liabilities of £60,341. However £67,208 of this is due to the directors. The directors will not seek repayment of this loan until the company is in a position to do so. As such the directors believe that the company will be able to meet its liabilities as they fall due. Accordingly the accounts have been prepared using the going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 year straight line
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.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
4
4
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Computers
£
Cost
At 1 March 2023
Additions
909
At 31 March 2024
909
Depreciation and impairment
At 1 March 2023
Depreciation charged in the period
202
At 31 March 2024
202
Carrying amount
At 31 March 2024
707
At 28 February 2023
4
Investment property
2024
£
Fair value
At 1 March 2023
1,000,000
Revaluations
100,000
At 31 March 2024
1,100,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
800,244
800,244
Accumulated depreciation
-
-
Carrying amount
800,244
800,244
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,256
MARYWHARF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,236
422
Other creditors
94,188
90,729
96,424
91,151
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
700,000
700,000
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
432
432
432
432
B Ordinary shares of £1 each
568
568
568
568
1,000
1,000
1,000
1,000