Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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600,000 | 600,000 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (32,712) | (23,645) | ||
Total assets less current liabilities | 567,288 | 576,355 | ||
Provision for liabilities |
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve | (
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Mareli Limited (registered number:
Mrs M Ronzitti
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mareli Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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The company is run and administered by the director for whom no contract of service is in place.
Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 30 June 2024 |
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Valuation
The investment properties class of fixed assets were valued on 30 June 2024 by the director who is internal to the
company. The basis of this valuation was open market value.
The class of asset has a current value of £600,000 (2023 - £600,000).
There has been no valuation of the investment property by an independent valuer
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 609,526 | 609,526 |
2024 | 2023 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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Transactions with the entity's director
The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
During the year the director maintained an interest free loan with the company which is repayable on demand. At the balance sheet date the amount due from the company was £31,879 (2023 - £22,872).