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The Market Place (Chelsea) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Capital & Co (Accountants) Ltd
Capital House
1A Ewell By Pass
Epsom
Surrey
KT17 2PZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07045168
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 100,000 100,000
Tangible Assets 5 224,985 226,985
324,985 326,985
CURRENT ASSETS
Stocks 6 21,540 15,810
Debtors 7 13,850 12,855
Cash at bank and in hand 176,584 236,378
211,974 265,043
Creditors: Amounts Falling Due Within One Year 8 (35,166 ) (27,277 )
NET CURRENT ASSETS (LIABILITIES) 176,808 237,766
TOTAL ASSETS LESS CURRENT LIABILITIES 501,793 564,751
Creditors: Amounts Falling Due After More Than One Year 9 (23,711 ) (33,756 )
NET ASSETS 478,082 530,995
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 477,982 530,895
SHAREHOLDERS' FUNDS 478,082 530,995
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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
Mr T Hyde
Director
04/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Market Place (Chelsea) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07045168 . The registered office is 125 Sydney Street, London, SW3 6NR.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Motor Vehicles Reducing Balance
Fixtures & Fittings Reducing Balance
Computer Equipment Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2023: 47)
42 47
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 100,000
As at 31 March 2024 100,000
Net Book Value
As at 31 March 2024 100,000
As at 1 April 2023 100,000
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 130,685 29,995 166,237 1,132 328,049
Additions - - - 1,422 1,422
As at 31 March 2024 130,685 29,995 166,237 2,554 329,471
Depreciation
As at 1 April 2023 - 13,995 86,237 832 101,064
Provided during the period - 3,000 - 422 3,422
As at 31 March 2024 - 16,995 86,237 1,254 104,486
Net Book Value
As at 31 March 2024 130,685 13,000 80,000 1,300 224,985
As at 1 April 2023 130,685 16,000 80,000 300 226,985
6. Stocks
2024 2023
£ £
Stock 21,540 15,810
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 13,850 12,855
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 35,166 34,380
Corporation tax - (7,103 )
35,166 27,277
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,426 31,756
Directors loan account 285 2,000
23,711 33,756
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 48,000 54,000
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