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Registration number: 10373317

Margin Reform (UK) Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2023 to 29 February 2024

 

Margin Reform (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Margin Reform (UK) Limited

(Registration number: 10373317)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

37,042

43,250

Current assets

 

Debtors

6

29,882

85,472

Cash at bank and in hand

 

147,349

375,786

 

177,231

461,258

Creditors: Amounts falling due within one year

7

(172,270)

(139,128)

Net current assets

 

4,961

322,130

Total assets less current liabilities

 

42,003

365,380

Creditors: Amounts falling due after more than one year

7

(12,500)

(21,667)

Net assets

 

29,503

343,713

Capital and reserves

 

Called up share capital

12

12

Retained earnings

29,491

343,701

Shareholders' funds

 

29,503

343,713

For the financial period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Margin Reform (UK) Limited

(Registration number: 10373317)
Balance Sheet as at 29 February 2024

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 November 2024
 

.........................................
Mr Shaun Matthew Murray
Director

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
53 High Street
Cleobury Mortimer
Kidderminster
Worcestershire
DY14 8DQ
United Kingdom

The principal place of business is:
1 Innkeepers Court
Longwick
Bucks
HP27 9AP
United Kingdom

These financial statements were authorised for issue by the director on 8 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2023 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

47,170

4,357

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

37,731

18,134

55,865

Additions

41,354

4,607

45,961

Disposals

(5,000)

-

(5,000)

At 29 February 2024

74,085

22,741

96,826

Depreciation

At 1 April 2023

-

12,615

12,615

Charge for the period

42,284

4,885

47,169

At 29 February 2024

42,284

17,500

59,784

Carrying amount

At 29 February 2024

31,801

5,241

37,042

At 31 March 2023

37,731

5,519

43,250

Included within the net book value of land and buildings above is £31,801 (2023 - £37,731) in respect of freehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

23,323

18,366

Prepayments

1,547

10,549

Other debtors

5,012

56,557

 

29,882

85,472

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

11,908

2,400

Taxation and social security

 

121,304

91,329

Accruals and deferred income

 

350

-

Other creditors

 

28,708

35,399

 

172,270

139,128

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

12,500

21,667

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,500

21,667

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

Margin Reform (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 29 February 2024

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Chetan Joshi

Director loan

28,000

5,000

(28,000)

5,000

         
       

Mr Shaun Matthew Murray

Director loan - cleared subsequent to year end

15,000

-

(15,000)

-

         
       

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Chetan Joshi

Director loan

-

28,000

28,000

       
     

Mr Shaun Matthew Murray

Director loan - cleared subsequent to year end

-

15,000

15,000