Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312023-06-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11606519 2023-06-01 2024-10-31 11606519 2022-06-01 2023-05-31 11606519 2024-10-31 11606519 2023-05-31 11606519 c:Director1 2023-06-01 2024-10-31 11606519 c:Director2 2023-06-01 2024-10-31 11606519 d:CurrentFinancialInstruments 2024-10-31 11606519 d:CurrentFinancialInstruments 2023-05-31 11606519 d:Non-currentFinancialInstruments 2024-10-31 11606519 d:Non-currentFinancialInstruments 2023-05-31 11606519 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 11606519 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11606519 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 11606519 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 11606519 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 11606519 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 11606519 d:ShareCapital 2024-10-31 11606519 d:ShareCapital 2023-05-31 11606519 d:RetainedEarningsAccumulatedLosses 2024-10-31 11606519 d:RetainedEarningsAccumulatedLosses 2023-05-31 11606519 c:FRS102 2023-06-01 2024-10-31 11606519 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-10-31 11606519 c:FullAccounts 2023-06-01 2024-10-31 11606519 c:PrivateLimitedCompanyLtd 2023-06-01 2024-10-31 11606519 4 2023-06-01 2024-10-31 11606519 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 11606519 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 11606519 e:PoundSterling 2023-06-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 11606519










MARDEN CHANNELS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2024

 
MARDEN CHANNELS LIMITED
REGISTERED NUMBER: 11606519

BALANCE SHEET
AS AT 31 OCTOBER 2024

31 October
31 May
2024
2023
Note
£
£

  

Current assets
  

Stocks
  
-
696,154

Debtors: amounts falling due within one year
 4 
30,422
68,769

Cash at bank and in hand
 5 
277
22

  
30,699
764,945

Creditors: amounts falling due within one year
 6 
(7,305)
(843,855)

Net current assets/(liabilities)
  
 
 
23,394
 
 
(78,910)

Total assets less current liabilities
  
23,394
(78,910)

Creditors: amounts falling due after more than one year
 7 
(23,769)
(24,310)

  

Net liabilities
  
(375)
(103,220)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(475)
(103,320)

  
(375)
(103,220)


Page 1

 
MARDEN CHANNELS LIMITED
REGISTERED NUMBER: 11606519

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 December 2024.




S. Pridmore
R. Tappenden
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

The company had a deficit on shareholders' funds at 31st October 2024 of £375. The company is  therefore dependent upon the support of its creditors. The company's creditors have continued to support the company and the directors are of the opinion that they will continue to do so. In light of the aforementioned, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.Accounting policies (continued)

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
1.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

  
1.8

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Costs include all
direct costs and an appropriate proportion of fixed and variable overheads.

 
1.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.Accounting policies (continued)

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.


General information

Marden Channels Limited is a private limited company incorporated in England and Wales. The Registered Office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex SS0 9PE.


3.


Employees




The average monthly number of employees, including directors, during the period was 2 (2023 - 2).


4.


Debtors

31 October
31 May
2024
2023
£
£


Trade debtors
-
1,004

Other debtors
30,422
33,600

Deferred taxation
-
34,165

30,422
68,769



5.


Cash and cash equivalents

31 October
31 May
2024
2023
£
£

Cash at bank and in hand
277
22

277
22


Page 5

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

6.


Creditors: Amounts falling due within one year

31 October
31 May
2024
2023
£
£

Bank loans
7,305
377,923

Trade creditors
-
3,700

Other creditors
-
462,232

7,305
843,855


The following liabilities were secured:

31 October
31 May
2024
2023
£
£



Bank loans
-
367,923

-
367,923

Details of security provided:

The bank loan is secured by way of a first legal charge over the freehold property known as Land at The Croft, Meath Green Lane, Horley, Surrey, RH6 8FZ.


7.


Creditors: Amounts falling due after more than one year

31 October
31 May
2024
2023
£
£

Bank loans
23,769
24,310

23,769
24,310


Page 6

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


31 October
31 May
2024
2023
£
£

Amounts falling due within one year

Bank loans
7,305
377,923


Amounts falling due 2-5 years

Bank loans
23,769
24,310


31,074
402,233


Page 7

 
MARDEN CHANNELS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

9.


Deferred taxation






2024


£






At beginning of year
34,165


Utilised in year
(34,165)



At end of year
-

The deferred tax asset is made up as follows:

31 October
31 May
2024
2023
£
£


Tax losses carried forward
-
34,165

-
34,165


10.


Contingent liabilities

Marden Channels Limited has guaranteed the borrowings of Marden St Albans Limited. The borrowings are secured on a development site owned by Marden St Albans Limited, which is under development. The directors of Marden Channels Limited do not anticipate that any liabilities will arise in respect of these guarantees


11.


Related party transactions

At the balance sheet date the company owed a total of £Nil (2023 : £462,232) to a company under common control.
During the year a debtor of £228,242 owed from a company under common control was provided as a bad debt.
The directors have given personal guarantees in respect of the company’s bank loan.


12.


Controlling party

The company is a 100% subsidiary of Marden Homes Holdings Limited, a company incorporated in England.


Page 8