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Registered number: 01874326
Marchbanks (North East) Properties Limited
Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 01874326
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 338,525 341,458
338,525 341,458
CURRENT ASSETS
Cash at bank and in hand 209,508 208,645
209,508 208,645
Creditors: Amounts Falling Due Within One Year 5 (52,049 ) (51,998 )
NET CURRENT ASSETS (LIABILITIES) 157,459 156,647
TOTAL ASSETS LESS CURRENT LIABILITIES 495,984 498,105
Creditors: Amounts Falling Due After More Than One Year 6 (11,910 ) (11,910 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (457 ) (203 )
NET ASSETS 483,617 485,992
CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 46,737 46,737
Fair value reserve 8 272,050 272,050
Profit and Loss Account 164,730 167,105
SHAREHOLDERS' FUNDS 483,617 485,992
Page 1
Page 2
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.
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
Miss Caroline Marchbank
Director
6th November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Marchbanks (North East) Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01874326 . The registered office is 5 Beresford Park, Sunderland, Tyne & Wear, SR2 7JT.
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. 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.
2.3. 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:
Freehold 1% straight line
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 420,000 39,137 1,710 460,847
Additions - - 2,356 2,356
Disposals - - (1,710 ) (1,710 )
As at 31 March 2024 420,000 39,137 2,356 461,493
Depreciation
As at 1 April 2023 79,679 38,166 1,544 119,389
Provided during the period 4,200 146 777 5,123
Disposals - - (1,544 ) (1,544 )
As at 31 March 2024 83,879 38,312 777 122,968
Net Book Value
As at 31 March 2024 336,121 825 1,579 338,525
As at 1 April 2023 340,321 971 166 341,458
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 33,651 33,600
Directors' loan accounts 18,398 18,398
52,049 51,998
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 11,910 11,910
11,910 11,910
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Reserves
Revaluation Reserve Fair Value Reserve
£ £
As at 1 April 2023 46,737 272,050
As at 31 March 2024 46,737 272,050
Page 4