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Martyn Prowel Limited

Financial Statements for the Year Ended 31 March 2024






Martyn Prowel Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J G Lynch
G H Richards
C A Rockey
S Lewis
L A Rhead





SECRETARY: C A Rockey





REGISTERED OFFICE: The Aspect
140 Queen Street
Cardiff
CF10 2GL





REGISTERED NUMBER: 04314424 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Martyn Prowel Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Martyn Prowel Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Martyn Prowel Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Martyn Prowel Limited and state those matters that we have agreed to state to the Board of Directors of Martyn Prowel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Martyn Prowel Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Martyn Prowel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Martyn Prowel Limited. You consider that Martyn Prowel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Martyn Prowel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


23 December 2024

Martyn Prowel Limited (Registered number: 04314424)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 3 325,834 391,834
Tangible assets 4 26,885 32,703
352,719 424,537

CURRENT ASSETS
Debtors 5 1,561,523 1,464,629
Cash at bank and in hand 1,060 695
1,562,583 1,465,324
CREDITORS
Amounts falling due within one year 6 996,850 853,263
NET CURRENT ASSETS 565,733 612,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

918,452

1,036,598

CREDITORS
Amounts falling due after more than
one year

7

(115,274

)

(206,994

)

PROVISIONS FOR LIABILITIES (6,700 ) (8,000 )
NET ASSETS 796,478 821,604

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 796,378 821,504
SHAREHOLDERS' FUNDS 796,478 821,604

Martyn Prowel Limited (Registered number: 04314424)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





J G Lynch - Director


Martyn Prowel Limited (Registered number: 04314424)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements 5 years on straight line
Plant and machinery 25% on reducing balance
Computer equipment 33% on reducing balance

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 45 ) .

Martyn Prowel Limited (Registered number: 04314424)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£ £ £
COST
At 1 April 2023
and 31 March 2024 650,000 5,000 655,000
AMORTISATION
At 1 April 2023 262,917 249 263,166
Amortisation for year 65,000 1,000 66,000
At 31 March 2024 327,917 1,249 329,166
NET BOOK VALUE
At 31 March 2024 322,083 3,751 325,834
At 31 March 2023 387,083 4,751 391,834

4. TANGIBLE FIXED ASSETS
Improvements Plant and
to property machinery Totals
£ £ £
COST
At 1 April 2023 116,897 47,501 164,398
Additions 4,623 930 5,553
At 31 March 2024 121,520 48,431 169,951
DEPRECIATION
At 1 April 2023 104,103 27,592 131,695
Charge for year 4,556 6,815 11,371
At 31 March 2024 108,659 34,407 143,066
NET BOOK VALUE
At 31 March 2024 12,861 14,024 26,885
At 31 March 2023 12,794 19,909 32,703

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,555,377 1,464,583
Other debtors & prepayments 6,146 46
1,561,523 1,464,629

Martyn Prowel Limited (Registered number: 04314424)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 412,313 320,970
Taxes & social security costs 344,763 265,291
Other creditors & accruals 239,774 267,002
996,850 853,263

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans 115,274 206,994

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 320,593 229,250

The bank loan and overdraft are secured over the company's whole assets and undertaking.