Registered number
08386176
MARGINS ACCOUNTING SERVICES LTD
Filleted Accounts
31 March 2024
MARGINS ACCOUNTING SERVICES LTD
Registered number: 08386176
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 741 1,913
Current assets
Debtors 4 30,655 32,728
Cash at bank and in hand 5,669 12,731
36,324 45,459
Creditors: amounts falling due within one year 5 (28,931) (21,567)
Net current assets 7,393 23,892
Total assets less current liabilities 8,134 25,805
Creditors: amounts falling due after more than one year 6 (10,649) (12,955)
Net (liabilities)/assets (2,515) 12,850
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,615) 12,750
Shareholder's funds (2,515) 12,850
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Antoinnette Kudjoe-Flood
Director
Approved by the board on 28 November 2024
MARGINS ACCOUNTING SERVICES LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 8,531
At 31 March 2024 8,531
Depreciation
At 1 April 2023 6,618
Charge for the year 1,172
At 31 March 2024 7,790
Net book value
At 31 March 2024 741
At 31 March 2023 1,913
4 Debtors 2024 2023
£ £
Trade debtors 6,981 8,596
Other debtors 23,674 24,132
30,655 32,728
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 17,000 3,000
Taxation and social security costs 11,931 18,567
28,931 21,567
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,649 12,955
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Antoinnette Kudjoe-Flood
Directors Loan 24,132 35,312 (35,000) 24,444
24,132 35,312 (35,000) 24,444
8 Other information
MARGINS ACCOUNTING SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
111 Harbour Way
Folkestone
CT20 1NA
MARGINS ACCOUNTING SERVICES LTD 08386176 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Antoinnette Kudjoe-Flood No description of principal activity 08386176 2022-04-01 2023-03-31 08386176 core:WithinOneYear 2023-03-31 08386176 core:AfterOneYear 2023-03-31 08386176 core:ShareCapital 2023-03-31 08386176 core:RetainedEarningsAccumulatedLosses 2023-03-31 08386176 2023-04-01 2024-03-31 08386176 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08386176 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08386176 bus:Director40 2023-04-01 2024-03-31 08386176 1 2023-04-01 2024-03-31 08386176 2 2023-04-01 2024-03-31 08386176 core:PlantMachinery 2023-04-01 2024-03-31 08386176 bus:Director1 2023-04-01 2024-03-31 08386176 bus:Director1 1 2023-04-01 2024-03-31 08386176 countries:England 2023-04-01 2024-03-31 08386176 bus:FRS102 2023-04-01 2024-03-31 08386176 bus:FilletedAccounts 2023-04-01 2024-03-31 08386176 2024-03-31 08386176 core:WithinOneYear 2024-03-31 08386176 core:AfterOneYear 2024-03-31 08386176 core:ShareCapital 2024-03-31 08386176 core:RetainedEarningsAccumulatedLosses 2024-03-31 08386176 core:PlantMachinery 2024-03-31 08386176 bus:Director1 1 2024-03-31 08386176 2023-03-31 08386176 core:PlantMachinery 2023-03-31 08386176 bus:Director1 1 2023-03-31 iso4217:GBP xbrli:pure